ArcBest Co. (NASDAQ:ARCB) Shares Bought by State Street Corp

State Street Corp grew its holdings in ArcBest Co. (NASDAQ:ARCB) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 957,410 shares of the transportation company’s stock after purchasing an additional 17,542 shares during the period. State Street Corp’s holdings in ArcBest were worth $103,831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in ArcBest by 4.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,101 shares of the transportation company’s stock valued at $332,000 after buying an additional 125 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of ArcBest in the 2nd quarter valued at approximately $43,000. SummerHaven Investment Management LLC lifted its holdings in shares of ArcBest by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 7,800 shares of the transportation company’s stock worth $835,000 after acquiring an additional 148 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of ArcBest by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after purchasing an additional 100 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ArcBest by 4.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,149 shares of the transportation company’s stock valued at $551,000 after purchasing an additional 239 shares during the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Craig E. Philip sold 3,900 shares of the business’s 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 transaction, the director now owns 23,250 shares in the company, valued at $2,555,407.50. The trade was a 14.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, 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.

ArcBest Price Performance

Shares of ARCB opened at $108.57 on Monday. The firm has a fifty day moving average price of $108.04 and a 200 day moving average price of $108.36. The stock has a market cap of $2.54 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 2.56 and a beta of 1.49. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04.

ArcBest (NASDAQ:ARCB) last announced its earnings results 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 analyst estimates of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period last year, the company earned $2.31 earnings per share. As a group, sell-side analysts anticipate that ArcBest Co. will post 6.06 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. ArcBest’s dividend payout ratio (DPR) is presently 5.93%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ARCB. Wells Fargo & Company decreased their price target on ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. Jefferies Financial Group lowered their target price on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and lowered their price objective for the company from $131.00 to $114.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $124.50.

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.