ArcBest Corporation (ARCB) Shares Bought by Bank of Montreal Can
Bank of Montreal Can increased its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 17.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 111,674 shares of the transportation company’s stock after buying an additional 16,629 shares during the period. Bank of Montreal Can’s holdings in ArcBest Corporation were worth $2,301,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in ARCB. BlackRock Inc. boosted its stake in ArcBest Corporation by 18,670.6% in the first quarter. BlackRock Inc. now owns 3,328,407 shares of the transportation company’s stock valued at $86,539,000 after buying an additional 3,310,675 shares during the period. Bank of New York Mellon Corp boosted its stake in ArcBest Corporation by 41.7% in the first quarter. Bank of New York Mellon Corp now owns 1,056,395 shares of the transportation company’s stock valued at $27,467,000 after buying an additional 310,688 shares during the period. Netols Asset Management Inc. bought a new stake in ArcBest Corporation during the first quarter valued at approximately $4,954,000. Vanguard Group Inc. boosted its stake in ArcBest Corporation by 6.2% in the first quarter. Vanguard Group Inc. now owns 2,133,187 shares of the transportation company’s stock valued at $55,462,000 after buying an additional 124,009 shares during the period. Finally, Sanders Morris Harris Inc. bought a new stake in ArcBest Corporation during the first quarter valued at approximately $1,538,000. 86.35% of the stock is currently owned by institutional investors and hedge funds.
Shares of ArcBest Corporation (NASDAQ ARCB) traded up 1.54% during trading on Friday, reaching $26.30. 95,747 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $22.70 and its 200-day moving average price is $24.68. The stock has a market cap of $675.65 million, a PE ratio of 30.40 and a beta of 1.62. ArcBest Corporation has a 52-week low of $16.95 and a 52-week high of $33.95.
ArcBest Corporation (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, July 28th. The transportation company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.09. ArcBest Corporation had a net margin of 0.83% and a return on equity of 4.92%. The company had revenue of $720.40 million for the quarter, compared to analyst estimates of $721.11 million. During the same period in the prior year, the firm posted $0.38 EPS. The company’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that ArcBest Corporation will post $1.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Tuesday, August 8th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Friday, August 4th. ArcBest Corporation’s dividend payout ratio is currently 37.21%.
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A number of equities analysts have issued reports on the stock. Zacks Investment Research raised shares of ArcBest Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Cowen and Company raised their price objective on shares of 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 shares of ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating on the stock in a research note on Monday, May 8th. ValuEngine cut shares of ArcBest Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub cut shares of ArcBest Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. ArcBest Corporation currently has an average rating of “Hold” and an average price target of $27.00.
In other news, insider Daniel E. Loe sold 9,929 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $25.87, for a total value of $256,863.23. Following the sale, the insider now directly owns 33,600 shares of the company’s stock, valued at approximately $869,232. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.97% of the company’s stock.
About ArcBest Corporation
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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