Nationwide Fund Advisors boosted its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 30.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,528 shares of the transportation company’s stock after purchasing an additional 51,523 shares during the quarter. Nationwide Fund Advisors owned about 0.86% of ArcBest Corporation worth $4,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. State of Tennessee Treasury Department raised its stake in ArcBest Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 22,796 shares of the transportation company’s stock valued at $593,000 after buying an additional 3,440 shares during the last quarter. Karp Capital Management Corp purchased a new stake in ArcBest Corporation in the first quarter valued at about $594,000. Jane Street Group LLC purchased a new stake in ArcBest Corporation in the first quarter valued at about $812,000. Tudor Investment Corp ET AL raised its stake in ArcBest Corporation by 12.2% in the first quarter. Tudor Investment Corp ET AL now owns 15,600 shares of the transportation company’s stock valued at $406,000 after buying an additional 1,700 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in ArcBest Corporation by 55.6% in the second quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock valued at $1,821,000 after buying an additional 31,575 shares during the last quarter. 84.91% of the stock is currently owned by institutional investors.

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In related news, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $25.87, for a total value of $256,863.23. Following the completion of the sale, the insider now directly owns 33,600 shares of the company’s stock, valued at approximately $869,232. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael R. Johns sold 6,593 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $29.98, for a total value of $197,658.14. Following the completion of the sale, the vice president now directly owns 35,700 shares of the company’s stock, valued at $1,070,286. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,210 shares of company stock valued at $665,376. Insiders own 0.97% of the company’s stock.

A number of research firms have commented on ARCB. Stifel Nicolaus reiterated a “hold” rating and issued a $28.00 price target on shares of ArcBest Corporation in a research note on Thursday, September 21st. Deutsche Bank AG reiterated a “hold” rating and issued a $29.00 price target (up from $26.00) on shares of ArcBest Corporation in a research note on Wednesday, August 9th. TheStreet upgraded ArcBest Corporation from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Buckingham Research began coverage on ArcBest Corporation in a research note on Monday, August 21st. They issued a “neutral” rating and a $29.00 price target for the company. Finally, Cowen and Company reiterated a “buy” rating and issued a $29.00 price target on shares of ArcBest Corporation in a research note on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $27.40.

ArcBest Corporation (ARCB) opened at 32.85 on Friday. ArcBest Corporation has a 52 week low of $16.95 and a 52 week high of $34.25. The stock has a 50 day moving average price of $29.71 and a 200 day moving average price of $24.45. The stock has a market capitalization of $844.44 million, a PE ratio of 37.98 and a beta of 1.78.

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

ArcBest Corporation 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).

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

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