Fmr LLC Sells 64,011 Shares of ArcBest Co. (NASDAQ:ARCB)

Fmr LLC cut its position in ArcBest Co. (NASDAQ:ARCB) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,419,973 shares of the transportation company’s stock after selling 64,011 shares during the quarter. Fmr LLC owned 0.06% of ArcBest worth $153,996,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ARCB. Westwood Holdings Group Inc. raised its holdings in ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after buying an additional 150,467 shares during the last quarter. Marshall Wace LLP increased its position in ArcBest by 158.7% in the 2nd 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 period. Emerald Advisers LLC bought a new position in shares of ArcBest during the second quarter valued at $6,812,000. Mutual of America Capital Management LLC lifted its holdings in shares of 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 worth $6,789,000 after purchasing an additional 59,322 shares during the period. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in shares of ArcBest in the second quarter worth $5,630,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on ARCB. Stifel Nicolaus cut their target price on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Bank of America cut their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. UBS Group decreased their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $124.50.

ArcBest Trading Down 2.1 %

Shares of ARCB opened at $108.83 on Wednesday. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $107.41 and its 200-day moving average price is $108.19. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 2.08 and a beta of 1.49.

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). The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. ArcBest’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.31 EPS. Sell-side analysts anticipate that ArcBest Co. will post 6.19 EPS for the current year.

ArcBest Dividend Announcement

The firm 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. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest’s dividend payout ratio (DPR) is presently 5.93%.

Insider Buying and Selling at ArcBest

In other news, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was 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 $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the transaction, the director now directly owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. This represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.

ArcBest Profile

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.