ArcBest Corporation (NASDAQ:ARCB) Position Cut by Wells Fargo & Company MN
Wells Fargo & Company MN cut its position in ArcBest Corporation (NASDAQ:ARCB) by 2.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,433 shares of the transportation company’s stock after selling 499 shares during the period. Wells Fargo & Company MN owned approximately 0.07% of ArcBest Corporation worth $479,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. A.R.T. Advisors LLC acquired a new stake in shares of ArcBest Corporation during the fourth quarter worth about $207,000. Louisiana State Employees Retirement System boosted its stake 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 in the last quarter. Thrivent Financial for Lutherans boosted its stake in ArcBest Corporation by 8.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,000 shares of the transportation company’s stock worth $359,000 after buying an additional 970 shares during the period. Tudor Investment Corp Et Al purchased a new stake in ArcBest Corporation during the fourth quarter worth about $384,000. Finally, Shell Asset Management Co. purchased a new stake in ArcBest Corporation during the first quarter worth about $679,000. Hedge funds and other institutional investors own 86.35% of the company’s stock.
ArcBest Corporation (NASDAQ:ARCB) traded up 1.33% on Monday, reaching $26.70. 193,482 shares of the company traded hands. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $33.95. The firm has a market cap of $685.92 million, a P/E ratio of 30.87 and a beta of 1.62. The stock has a 50-day moving average price of $21.53 and a 200-day moving average price of $24.79.
ArcBest Corporation (NASDAQ:ARCB) last issued its earnings results on Friday, July 28th. The transportation company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $720.40 million during the quarter, compared to analyst estimates of $721.11 million. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. Analysts anticipate that ArcBest Corporation will post $1.31 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Tuesday, August 8th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.32 dividend on an annualized basis and a yield of 1.19%. ArcBest Corporation’s dividend payout ratio is presently 37.21%.
ARCB has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, April 11th. Cowen and Company upped their price objective on shares of ArcBest Corporation from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, May 8th. Deutsche Bank AG cut their price objective on shares of ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating for the company in a research report on Monday, May 8th. ValuEngine lowered shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub lowered shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. ArcBest Corporation presently has an average rating of “Hold” and a consensus target price of $26.20.
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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