JPMorgan Chase & Co. Sells 11,799 Shares of ArcBest Corporation $ARCB

JPMorgan Chase & Co. trimmed its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 6.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 172,677 shares of the transportation company’s stock after selling 11,799 shares during the period. JPMorgan Chase & Co. owned 0.77% of ArcBest worth $12,065,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Bryce Point Capital LLC purchased a new position in shares of ArcBest during the third quarter valued at about $476,000. Summit Global Investments purchased a new stake in shares of ArcBest in the third quarter worth about $939,000. WINTON GROUP Ltd purchased a new stake in shares of ArcBest in the third quarter worth about $3,970,000. American Century Companies Inc. boosted its stake in ArcBest by 9.6% during the third quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock valued at $57,090,000 after buying an additional 71,420 shares during the last quarter. Finally, Impala Asset Management LLC purchased a new position in ArcBest during the 2nd quarter valued at approximately $5,468,000. 99.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Truist Financial lifted their price objective on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Zacks Research upgraded ArcBest from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Stifel Nicolaus cut their target price on shares of ArcBest from $96.00 to $94.00 and set a “buy” rating for the company in a report on Monday, February 2nd. Wells Fargo & Company boosted their price target on shares of ArcBest from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Sunday, February 1st. Finally, Jefferies Financial Group upped their price target on shares of ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $97.17.

ArcBest Trading Down 2.8%

Shares of NASDAQ ARCB opened at $92.47 on Friday. The stock has a market capitalization of $2.06 billion, a P/E ratio of 35.43, a PEG ratio of 0.66 and a beta of 1.48. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $112.92. The business’s 50 day moving average is $96.67 and its two-hundred day moving average is $81.10. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.95 and a quick ratio of 0.95.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, January 30th. The transportation company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). The company had revenue of $972.69 million during the quarter, compared to analysts’ expectations of $963.74 million. ArcBest had a return on equity of 6.51% and a net margin of 1.50%.ArcBest’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. As a group, research analysts expect that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, February 10th. ArcBest’s payout ratio is presently 18.39%.

About ArcBest

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.