Prudential Financial Inc. Has $7,485,000 Stake in ArcBest Corp. (ARCB)
Prudential Financial Inc. boosted its position in ArcBest Corp. (NASDAQ:ARCB) by 23.0% during the second quarter, Holdings Channel reports. The fund owned 460,609 shares of the company’s stock after buying an additional 86,017 shares during the period. Prudential Financial Inc. owned about 1.79% of ArcBest Corp. worth $7,485,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. Pinnacle Holdings LLC increased its position in shares of ArcBest Corp. by 1.1% in the first quarter. Pinnacle Holdings LLC now owns 30,442 shares of the company’s stock worth $657,000 after buying an additional 345 shares during the last quarter. I.G. Investment Management LTD. increased its position in shares of ArcBest Corp. by 1.9% in the second quarter. I.G. Investment Management LTD. now owns 47,085 shares of the company’s stock worth $765,000 after buying an additional 862 shares during the last quarter. BlackRock Group LTD increased its position in shares of ArcBest Corp. by 4.6% in the first quarter. BlackRock Group LTD now owns 40,958 shares of the company’s stock worth $883,000 after buying an additional 1,814 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of ArcBest Corp. by 9.6% in the second quarter. Wedge Capital Management L L P NC now owns 36,741 shares of the company’s stock worth $597,000 after buying an additional 3,231 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of ArcBest Corp. by 99.0% in the second quarter. BNP Paribas Arbitrage SA now owns 7,990 shares of the company’s stock worth $130,000 after buying an additional 3,974 shares during the last quarter. Institutional investors own 84.52% of the company’s stock.
Shares of ArcBest Corp. (NASDAQ:ARCB) opened at 20.57 on Friday. ArcBest Corp. has a 52 week low of $14.85 and a 52 week high of $28.80. The firm has a market capitalization of $529.66 million, a PE ratio of 19.30 and a beta of 1.66. The company has a 50-day moving average of $18.94 and a 200-day moving average of $18.40.
ArcBest Corp. (NASDAQ:ARCB) last posted its earnings results on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. The company earned $676.60 million during the quarter, compared to the consensus estimate of $683.12 million. ArcBest Corp. had a net margin of 1.06% and a return on equity of 5.02%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 earnings per share. On average, equities analysts forecast that ArcBest Corp. will post $0.90 earnings per share for the current fiscal year.
ARCB has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of ArcBest Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 28th. Buckingham Research initiated coverage on shares of ArcBest Corp. in a research note on Friday, September 23rd. They set a “buy” rating and a $24.00 price target on the stock. Citigroup Inc. lowered their price target on shares of ArcBest Corp. from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, July 11th. Finally, Deutsche Bank AG set a $20.00 price target on shares of ArcBest Corp. and gave the stock a “hold” rating in a research note on Thursday, July 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. ArcBest Corp. has a consensus rating of “Hold” and an average price target of $22.07.
ArcBest Corp. Company Profile
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
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