Bank of New York Mellon Corp lowered its stake in ArcBest Corporation (NASDAQ:ARCB) by 44.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 591,501 shares of the transportation company’s stock after selling 464,894 shares during the period. Bank of New York Mellon Corp owned 2.30% of ArcBest Corporation worth $12,185,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mason Street Advisors LLC raised its holdings in shares of ArcBest Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 5,569 shares of the transportation company’s stock worth $145,000 after buying an additional 362 shares during the last quarter. Stephens Inc. AR raised its holdings in shares of ArcBest Corporation by 0.7% in the first quarter. Stephens Inc. AR now owns 8,728 shares of the transportation company’s stock worth $227,000 after buying an additional 60 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings 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 worth $252,000 after buying an additional 100 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of ArcBest Corporation in the first quarter worth $291,000. Finally, Arizona State Retirement System raised its holdings in shares of ArcBest Corporation by 0.8% in the first quarter. Arizona State Retirement System now owns 12,416 shares of the transportation company’s stock worth $323,000 after buying an additional 100 shares during the last quarter. 84.91% of the stock is owned by institutional investors and hedge funds.

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In other ArcBest Corporation news, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $29.98, for a total transaction of $197,658.14. Following the completion of the transaction, the vice president now owns 35,700 shares in the company, valued at approximately $1,070,286. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction 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 transaction, the insider now owns 33,600 shares of the company’s stock, valued at approximately $869,232. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,210 shares of company stock valued at $665,376. 0.97% of the stock is owned by insiders.

A number of research analysts have issued reports on the stock. Stifel Nicolaus reaffirmed a “hold” rating on shares of ArcBest Corporation in a report on Thursday, August 3rd. Cowen and Company reaffirmed a “buy” rating and issued a $29.00 price target on shares of ArcBest Corporation in a report on Sunday, July 30th. TheStreet upgraded shares of ArcBest Corporation from a “c” rating to a “b-” rating in a research note on Friday, July 28th. BidaskClub lowered shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $29.00 price objective (up previously from $26.00) on shares of ArcBest Corporation in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $29.60.

Shares of ArcBest Corporation (NASDAQ ARCB) opened at 30.70 on Monday. The firm has a market cap of $789.17 million, a price-to-earnings ratio of 35.49 and a beta of 1.70. ArcBest Corporation has a 1-year low of $16.95 and a 1-year high of $33.95. The stock has a 50 day moving average of $27.44 and a 200-day moving average of $23.98.

ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings results on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.48 by $0.09. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The firm had revenue of $720.40 million during the quarter, compared to the consensus estimate of $721.11 million. During the same quarter in the prior year, the firm earned $0.38 EPS. ArcBest Corporation’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts anticipate that ArcBest Corporation will post $1.31 EPS for the current fiscal year.

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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Institutional Ownership by Quarter for ArcBest Corporation (NASDAQ:ARCB)

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