American International Group Inc. Decreases Position in ArcBest Corporation (ARCB)
American International Group Inc. lowered its position in ArcBest Corporation (NASDAQ:ARCB) by 15.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,158 shares of the transportation company’s stock after selling 2,756 shares during the period. American International Group Inc.’s holdings in ArcBest Corporation were worth $394,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of ARCB. Essex Investment Management Co. LLC purchased a new stake in shares of ArcBest Corporation during the first quarter worth approximately $1,086,000. Russell Investments Group Ltd. raised its stake in ArcBest Corporation by 30.2% in the first quarter. Russell Investments Group Ltd. now owns 219,233 shares of the transportation company’s stock valued at $5,701,000 after buying an additional 50,899 shares in the last quarter. Strs Ohio raised its stake in ArcBest Corporation by 7.1% in the first quarter. Strs Ohio now owns 28,700 shares of the transportation company’s stock valued at $746,000 after buying an additional 1,900 shares in the last quarter. Shell Asset Management Co. bought a new stake in ArcBest Corporation during the first quarter valued at approximately $679,000. Finally, Sanders Morris Harris Inc. bought a new stake in ArcBest Corporation during the first quarter valued at approximately $1,538,000. Institutional investors and hedge funds own 87.35% of the company’s stock.
ArcBest Corporation (NASDAQ ARCB) opened at 22.20 on Tuesday. ArcBest Corporation has a 12-month low of $16.95 and a 12-month high of $33.95. The stock has a market capitalization of $573.54 million, a PE ratio of 33.74 and a beta of 1.56. The stock’s 50 day moving average price is $19.33 and its 200-day moving average price is $25.92.
ArcBest Corporation (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, May 5th. The transportation company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by $0.11. ArcBest Corporation had a net margin of 0.64% and a return on equity of 4.14%. The firm had revenue of $651.10 million for the quarter, compared to analysts’ expectations of $659.29 million. During the same period last year, the firm posted ($0.23) EPS. ArcBest Corporation’s revenue was up 4.8% on a year-over-year basis. Analysts expect that ArcBest Corporation will post $1.19 earnings per share for the current year.
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Several research analysts have recently weighed in on ARCB shares. Zacks Investment Research downgraded ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 11th. Cowen and Company increased their price objective on ArcBest Corporation from $24.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, May 8th. Deutsche Bank AG reduced their price objective on ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating for the company in a research note on Monday, May 8th. Finally, ValuEngine cut ArcBest Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $25.80.
ArcBest Corporation 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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