ArcBest Corporation (ARCB) Position Trimmed by Nationwide Fund Advisors
Nationwide Fund Advisors reduced its stake in ArcBest Corporation (NASDAQ:ARCB) by 4.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,485 shares of the transportation company’s stock after selling 10,043 shares during the quarter. Nationwide Fund Advisors owned about 0.82% of ArcBest worth $7,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in ArcBest by 8.7% during the second quarter. The Manufacturers Life Insurance Company now owns 21,032 shares of the transportation company’s stock valued at $434,000 after acquiring an additional 1,683 shares during the last quarter. PDT Partners LLC grew its position in ArcBest by 22.6% during the second quarter. PDT Partners LLC now owns 55,300 shares of the transportation company’s stock valued at $1,139,000 after acquiring an additional 10,200 shares during the last quarter. Petrus Trust Company LTA grew its position in ArcBest by 39.8% during the second quarter. Petrus Trust Company LTA now owns 14,047 shares of the transportation company’s stock valued at $289,000 after acquiring an additional 3,996 shares during the last quarter. Voya Investment Management LLC grew its position in ArcBest by 4.7% during the second quarter. Voya Investment Management LLC now owns 33,561 shares of the transportation company’s stock valued at $691,000 after acquiring an additional 1,503 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in ArcBest during the second quarter valued at approximately $1,192,000. 89.57% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on ARCB. ValuEngine upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Buckingham Research began coverage on shares of ArcBest in a research report on Monday, August 21st. They set a “neutral” rating and a $29.00 price target on the stock. Stifel Nicolaus reiterated a “hold” rating and set a $28.00 price target on shares of ArcBest in a research report on Thursday, September 21st. Zacks Investment Research cut shares of ArcBest from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Finally, BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, December 2nd. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.86.
ArcBest Corporation (ARCB) opened at $38.05 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.33. ArcBest Corporation has a fifty-two week low of $16.95 and a fifty-two week high of $38.60. The stock has a market cap of $975.48, a P/E ratio of 30.93 and a beta of 1.82.
ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. ArcBest had a net margin of 0.88% and a return on equity of 5.34%. The firm had revenue of $744.30 million for the quarter, compared to analysts’ expectations of $750.16 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. research analysts forecast that ArcBest Corporation will post 1.29 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 28th. Stockholders of record on Tuesday, November 14th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend was Monday, November 13th. ArcBest’s dividend payout ratio 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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