Livforsakringsbolaget Skandia Omsesidigt Purchases 1,600 Shares of ArcBest Co. (NASDAQ:ARCB)

by · The Cerbat Gem

Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of ArcBest Co. (NASDAQ:ARCB – Free Report) by 24.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,100 shares of the transportation company’s stock after purchasing an additional 1,600 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in ArcBest were worth $877,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quarry LP raised its holdings in shares of ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares in the last quarter. Contravisory Investment Management Inc. raised its stake in ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after buying an additional 78 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of ArcBest during the 2nd quarter worth $33,000. Quest Partners LLC purchased a new stake in shares of ArcBest during the second quarter valued at about $36,000. Finally, Cultivar Capital Inc. purchased a new position in shares of ArcBest in the 2nd quarter worth approximately $43,000. 99.27% of the stock is currently owned by institutional investors.

Insider Activity at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the transaction, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 1.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on ARCB shares. JPMorgan Chase & Co. dropped their target price on ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. TD Cowen dropped their target price on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Bank of America decreased their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Citigroup initiated coverage on ArcBest in a research report on Wednesday. They issued a “neutral” rating and a $111.00 target price on the stock. Finally, Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $129.33.

Read Our Latest Report on ARCB

ArcBest Stock Up 4.3 %

ArcBest stock opened at $105.95 on Friday. ArcBest Co. has a 12 month low of $86.93 and a 12 month high of $153.60. The stock has a market capitalization of $2.48 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The business has a 50 day simple moving average of $105.55 and a 200-day simple moving average of $114.61.

ArcBest (NASDAQ:ARCB – Get Free Report) last released its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the company earned $1.54 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts anticipate that ArcBest Co. will post 7.06 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

About ArcBest

(Free Report)

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.

See Also

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