ArcBest Co. (NASDAQ:ARCB) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 19.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 219,475 shares of the transportation company’s stock after selling 51,813 shares during the quarter. Victory Capital Management Inc.’s holdings in ArcBest were worth $23,802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System grew its position in ArcBest by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after buying an additional 100 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of ArcBest by 4.0% in the third quarter. Nisa Investment Advisors LLC now owns 3,225 shares of the transportation company’s stock valued at $350,000 after purchasing an additional 124 shares in the last quarter. Johnson Investment Counsel Inc. lifted its holdings in shares of ArcBest by 6.5% in the second quarter. Johnson Investment Counsel Inc. now owns 2,095 shares of the transportation company’s stock valued at $224,000 after purchasing an additional 128 shares in the last quarter. Quarry LP lifted its holdings in shares of ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of ArcBest by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 7,800 shares of the transportation company’s stock valued at $835,000 after purchasing an additional 148 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on ARCB shares. UBS Group reduced their price target on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Wolfe Research downgraded shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Wells Fargo & Company reduced their price objective on shares of ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Bank of America reduced their price objective on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Finally, Citigroup upped their price objective on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $124.50.

Insider Transactions at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the completion of the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.65% of the company’s stock.

ArcBest Stock Performance

NASDAQ:ARCB opened at $108.25 on Tuesday. ArcBest Co. has a fifty-two week low of $94.76 and a fifty-two week high of $153.60. The firm’s 50 day moving average is $106.31 and its two-hundred day moving average is $108.64. The company has a market cap of $2.53 billion, a P/E ratio of 13.55, a P/E/G ratio of 2.03 and a beta of 1.47. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the company earned $2.31 EPS. ArcBest’s revenue was down 5.8% on a year-over-year basis. Analysts expect that ArcBest Co. will post 6.19 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Wednesday, November 13th. ArcBest’s payout ratio is currently 5.93%.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.