ArcBest Corporation $ARCB Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC reduced its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 45.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 11,324 shares of the transportation company’s stock after selling 9,396 shares during the period. Oliver Luxxe Assets LLC’s holdings in ArcBest were worth $1,625,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in ArcBest by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after purchasing an additional 6,808 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of ArcBest by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after buying an additional 47,848 shares in the last quarter. Invesco Ltd. grew its holdings in ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after acquiring an additional 793,607 shares during the period. Turtle Creek Asset Management Inc. acquired a new position in ArcBest during the third quarter worth $39,508,000. Finally, Jacobs Levy Equity Management Inc. raised its position in ArcBest by 4.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock worth $36,394,000 after acquiring an additional 24,102 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Price Performance

ArcBest stock opened at $137.76 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 199.65, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The stock’s fifty day moving average is $149.68 and its two-hundred day moving average is $121.55.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the business posted $1.36 earnings per share. Analysts predict that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. ArcBest’s payout ratio is presently 69.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup reduced their target price on ArcBest from $178.00 to $171.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Wells Fargo & Company increased their price target on shares of ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. TD Cowen reduced their price objective on shares of ArcBest from $175.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Morgan Stanley raised their price objective on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $154.23.

Insider Activity

In other news, insider Erin K. Gattis sold 6,163 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at $3,400,040. This trade represents a 20.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Judy R. Mcreynolds sold 1,443 shares of ArcBest stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $139.30, for a total value of $201,009.90. Following the transaction, the director owned 52,905 shares of the company’s stock, valued at $7,369,666.50. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,106 shares of company stock worth $1,281,000 in the last ninety days. Insiders own 0.98% of the company’s stock.

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.