The Manufacturers Life Insurance Company Sells 19,882 Shares of ArcBest Co. (NASDAQ:ARCB)

The Manufacturers Life Insurance Company lessened its holdings in ArcBest Co. (NASDAQ:ARCB) by 13.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,860 shares of the transportation company’s stock after selling 19,882 shares during the quarter. The Manufacturers Life Insurance Company owned 0.56% of ArcBest worth $14,192,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Westwood Holdings Group Inc. lifted its position in ArcBest by 34.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares in the last quarter. Marshall Wace LLP increased its position in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after acquiring an additional 117,774 shares during the last quarter. Emerald Advisers LLC bought a new stake in ArcBest during the second quarter worth about $6,812,000. Mutual of America Capital Management LLC boosted its position in ArcBest by 1,455.0% during the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after purchasing an additional 59,322 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new position in ArcBest in the second quarter valued at approximately $5,630,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Up 1.6 %

ARCB opened at $115.28 on Monday. The stock has a fifty day moving average of $107.49 and a 200-day moving average of $108.25. The company has a market capitalization of $2.70 billion, a P/E ratio of 14.23, a P/E/G ratio of 2.16 and a beta of 1.47. ArcBest Co. has a fifty-two week low of $94.76 and a fifty-two week high of $153.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04.

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

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.42%. ArcBest’s dividend payout ratio is presently 5.93%.

Insider Activity

In related news, Director Craig E. Philip sold 3,900 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the sale, the director now owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This represents a 14.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 5,051 shares in the company, valued at approximately $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus dropped their price objective on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Bank of America cut their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. UBS Group cut their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Jefferies Financial Group cut their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, ArcBest currently has an average rating of “Hold” and an average target price of $124.50.

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.