Cornerstone Capital Management Holdings LLC. purchased a new position in shares of ArcBest Corporation (NASDAQ:ARCB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 65,200 shares of the transportation company’s stock, valued at approximately $2,180,000. Cornerstone Capital Management Holdings LLC. owned 0.25% of ArcBest at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Convergence Investment Partners LLC bought a new stake in ArcBest during the third quarter worth $568,000. OxFORD Asset Management LLP bought a new stake in ArcBest during the third quarter worth $1,236,000. Schwab Charles Investment Management Inc. lifted its holdings in ArcBest by 4.8% during the third quarter. Schwab Charles Investment Management Inc. now owns 311,457 shares of the transportation company’s stock worth $10,419,000 after acquiring an additional 14,124 shares during the period. Wells Fargo & Company MN lifted its holdings in ArcBest by 10.8% during the third quarter. Wells Fargo & Company MN now owns 30,475 shares of the transportation company’s stock worth $1,019,000 after acquiring an additional 2,974 shares during the period. Finally, Legal & General Group Plc lifted its holdings in ArcBest by 6.5% during the third quarter. Legal & General Group Plc now owns 47,022 shares of the transportation company’s stock worth $1,573,000 after acquiring an additional 2,875 shares during the period. Institutional investors and hedge funds own 89.53% of the company’s stock.

A number of brokerages recently commented on ARCB. Cowen lowered ArcBest from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. Stifel Nicolaus reissued a “hold” rating and issued a $28.00 target price on shares of ArcBest in a research report on Thursday, September 21st. Zacks Investment Research downgraded ArcBest from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Bank of America raised their target price on ArcBest from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, November 6th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $22.00 target price (up from $21.00) on shares of ArcBest in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. ArcBest has a consensus rating of “Hold” and a consensus target price of $31.43.

In other news, Director William Legg sold 6,153 shares of ArcBest stock in a transaction on Monday, December 11th. The stock was sold at an average price of $37.52, for a total value of $230,860.56. Following the completion of the transaction, the director now directly owns 36,147 shares in the company, valued at $1,356,235.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janice E. Stipp sold 3,700 shares of ArcBest stock in a transaction on Friday, December 8th. The shares were sold at an average price of $38.09, for a total value of $140,933.00. Following the completion of the transaction, the director now owns 20,200 shares of the company’s stock, valued at $769,418. The disclosure for this sale can be found here. Insiders sold 13,853 shares of company stock valued at $499,794 over the last three months. Company insiders own 0.97% of the company’s stock.

Shares of ArcBest Corporation (NASDAQ ARCB) opened at $36.40 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.26 and a quick ratio of 1.26. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $38.75. The stock has a market capitalization of $943.44, a price-to-earnings ratio of 29.92 and a beta of 1.82.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. ArcBest had a return on equity of 5.34% and a net margin of 0.88%. The business had revenue of $744.30 million during the quarter, compared to the consensus estimate of $750.16 million. During the same period last year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. equities analysts predict 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. Shareholders of record on Tuesday, November 14th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend was Monday, November 13th. ArcBest’s dividend payout ratio is currently 34.41%.

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

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