JPMorgan Chase & Co. Reduces Position in ArcBest Corporation $ARCB

JPMorgan Chase & Co. trimmed its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 172,677 shares of the transportation company’s stock after selling 11,799 shares during the period. JPMorgan Chase & Co.’s holdings in ArcBest were worth $12,065,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. bought a new stake in ArcBest in the third quarter worth about $28,000. Smartleaf Asset Management LLC grew its stake in shares of ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after buying an additional 143 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of ArcBest during the second quarter valued at approximately $85,000. Bessemer Group Inc. raised its holdings in shares of ArcBest by 180.9% in the third quarter. Bessemer Group Inc. now owns 1,469 shares of the transportation company’s stock worth $103,000 after buying an additional 946 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of ArcBest by 19.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the transportation company’s stock worth $127,000 after buying an additional 272 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Stock Down 2.8%

Shares of NASDAQ ARCB opened at $92.47 on Friday. ArcBest Corporation has a 52-week low of $55.19 and a 52-week high of $112.92. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 35.43, a PEG ratio of 0.66 and a beta of 1.48. The stock has a 50 day moving average price of $96.67 and a 200 day moving average price of $81.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.95 and a current ratio of 0.95.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The firm had revenue of $972.69 million for the quarter, compared to the consensus estimate of $963.74 million. During the same period last year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Sell-side analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Tuesday, February 10th. ArcBest’s payout ratio is presently 18.39%.

Analyst Ratings Changes

A number of research firms recently issued reports on ARCB. TD Cowen restated a “hold” rating on shares of ArcBest in a report on Friday, January 9th. Stifel Nicolaus reduced their target price on ArcBest from $96.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, February 2nd. Jefferies Financial Group lifted their target price on ArcBest from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. upped their price target on shares of ArcBest from $76.00 to $81.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. Finally, Truist Financial raised their price target on shares of ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.17.

ArcBest Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.