ArcBest Corporation (ARCB) Shares Bought by Vanguard Group Inc.
Vanguard Group Inc. increased its stake in ArcBest Corporation (NASDAQ:ARCB) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,133,187 shares of the transportation company’s stock after buying an additional 124,009 shares during the period. Vanguard Group Inc.’s holdings in ArcBest Corporation were worth $55,462,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of ArcBest Corporation during the fourth quarter valued at $861,000. Teachers Advisors LLC raised its position in shares of ArcBest Corporation by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 63,851 shares of the transportation company’s stock valued at $1,765,000 after buying an additional 1,723 shares during the period. Louisiana State Employees Retirement System raised its position in shares of ArcBest Corporation by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the transportation company’s stock valued at $252,000 after buying an additional 100 shares during the period. Sanders Morris Harris Inc. bought a new position in shares of ArcBest Corporation during the first quarter valued at $1,538,000. Finally, Shell Asset Management Co. bought a new position in shares of ArcBest Corporation during the first quarter valued at $679,000. 86.35% of the stock is owned by institutional investors.
Shares of ArcBest Corporation (NASDAQ ARCB) traded down 0.2969% during mid-day trading on Wednesday, hitting $26.0225. 25,969 shares of the stock traded hands. ArcBest Corporation has a one year low of $16.95 and a one year high of $33.95. The company has a market cap of $668.52 million, a P/E ratio of 30.0838 and a beta of 1.62. The stock has a 50 day moving average price of $21.96 and a 200-day moving average price of $24.81.
ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.48 by $0.09. The firm had revenue of $720.40 million for the quarter, compared to analyst estimates of $721.11 million. ArcBest Corporation had a return on equity of 4.92% and a net margin of 0.83%. ArcBest Corporation’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. On average, analysts forecast that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Investors of record on Tuesday, August 8th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, August 4th. ArcBest Corporation’s dividend payout ratio is currently 37.21%.
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ARCB has been the subject of several research analyst reports. Zacks Investment Research lowered shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 11th. Cowen and Company increased their target price on shares of ArcBest Corporation from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, May 8th. Deutsche Bank AG lowered their target price on shares of ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating for the company in a research note on Monday, May 8th. ValuEngine lowered shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub lowered shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.20.
In related news, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $25.87, for a total transaction of $256,863.23. Following the sale, the insider now directly owns 33,600 shares of the company’s stock, valued at approximately $869,232. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.97% of the company’s stock.
ArcBest Corporation Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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