JPMorgan Chase & Co. Sells 138,481 Shares of ArcBest Corporation (ARCB)
JPMorgan Chase & Co. decreased its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 6.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,053,830 shares of the transportation company’s stock after selling 138,481 shares during the period. JPMorgan Chase & Co. owned about 7.99% of ArcBest worth $67,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Pacad Investment Ltd. grew its position in shares of ArcBest by 34.1% during the 2nd quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock valued at $122,000 after acquiring an additional 1,500 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of ArcBest by 61.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after acquiring an additional 2,957 shares during the period. Louisiana State Employees Retirement System grew its position in shares of ArcBest by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after acquiring an additional 100 shares during the period. Marshall Wace North America L.P. bought a new stake in shares of ArcBest during the 2nd quarter valued at $236,000. Finally, Arizona State Retirement System grew its position in shares of ArcBest by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 12,516 shares of the transportation company’s stock valued at $258,000 after acquiring an additional 100 shares during the period. 89.57% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the stock. Cowen downgraded shares of ArcBest from an “outperform” rating to a “market perform” rating in a research report on Monday, October 16th. Stifel Nicolaus reissued a “hold” rating and set a $28.00 price objective on shares of ArcBest in a research report on Thursday, September 21st. Deutsche Bank restated a “hold” rating and set a $29.00 target price (up previously from $26.00) on shares of ArcBest in a research note on Wednesday, August 9th. Zacks Investment Research cut shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Monday, October 9th. Finally, Bank of America lifted their target price on shares of ArcBest from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $30.86.
In related news, Director Steven Spinner sold 4,000 shares of ArcBest stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $32.00, for a total transaction of $128,000.00. Following the transaction, the director now owns 24,700 shares in the company, valued at approximately $790,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.97% of the stock is currently owned by insiders.
ArcBest Corporation (NASDAQ ARCB) opened at $36.75 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.26 and a current ratio of 1.26. ArcBest Corporation has a one year low of $16.95 and a one year high of $38.60. The firm has a market cap of $930.62, a price-to-earnings ratio of 29.51 and a beta of 1.82.
ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. ArcBest had a net margin of 0.88% and a return on equity of 5.34%. The company had revenue of $744.30 million for the quarter, compared to analysts’ expectations of $750.16 million. During the same quarter in the previous year, the company earned $0.48 EPS. ArcBest’s revenue for the quarter was up 4.3% on a year-over-year basis. research analysts expect that ArcBest Corporation will post 1.29 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 28th. Investors of record on Tuesday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date was Monday, November 13th. ArcBest’s dividend payout ratio (DPR) is 34.41%.
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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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