Stifel Financial Corp Sells 2,066 Shares of ArcBest Co. (NASDAQ:ARCB)

Stifel Financial Corp trimmed its holdings in ArcBest Co. (NASDAQ:ARCB) by 36.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,675 shares of the transportation company’s stock after selling 2,066 shares during the quarter. Stifel Financial Corp’s holdings in ArcBest were worth $399,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in ArcBest by 4.9% during the second 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 in the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of ArcBest by 7.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 24,398 shares of the transportation company’s stock worth $2,613,000 after purchasing an additional 1,738 shares during the period. Innealta Capital LLC bought a new position in shares of ArcBest during the 2nd quarter valued at approximately $33,000. Versor Investments LP purchased a new stake in ArcBest during the 2nd quarter valued at $447,000. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in ArcBest in the second quarter worth $5,630,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Price Performance

Shares of ARCB stock opened at $93.60 on Friday. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 2.56 and a beta of 1.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest Co. has a twelve month low of $92.08 and a twelve month high of $153.60. The stock has a fifty day simple moving average of $107.02 and a two-hundred day simple moving average of $107.94.

ArcBest (NASDAQ:ARCB) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company earned $2.31 earnings per share. The firm’s revenue was down 5.8% on a year-over-year basis. On average, analysts predict that ArcBest Co. will post 6.06 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest’s payout ratio is 5.93%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ARCB. UBS Group cut their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. JPMorgan Chase & Co. dropped their target price on ArcBest from $130.00 to $117.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group dropped their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $124.50.

Insider Buying and Selling

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the transaction, the senior vice president now owns 5,051 shares in the company, valued at $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig E. Philip sold 3,900 shares of the 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 sale, the director now directly owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by insiders.

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.