Martingale Asset Management L P reduced its holdings in shares of ArcBest Corp (NASDAQ:ARCB) by 2.4% in the third quarter, Holdings Channel reports. The institutional investor owned 44,434 shares of the transportation company’s stock after selling 1,100 shares during the period. Martingale Asset Management L P’s holdings in ArcBest were worth $2,158,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. increased its holdings in ArcBest by 2.2% during the third quarter. BlackRock Inc. now owns 3,635,041 shares of the transportation company’s stock valued at $176,482,000 after buying an additional 79,113 shares during the last quarter. Vanguard Group Inc increased its holdings in ArcBest by 4.4% during the third quarter. Vanguard Group Inc now owns 3,142,794 shares of the transportation company’s stock valued at $152,583,000 after buying an additional 132,068 shares during the last quarter. Vanguard Group Inc. increased its holdings in ArcBest by 4.4% during the third quarter. Vanguard Group Inc. now owns 3,142,794 shares of the transportation company’s stock valued at $152,583,000 after buying an additional 132,068 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in ArcBest by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,161,946 shares of the transportation company’s stock valued at $104,963,000 after buying an additional 11,391 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in ArcBest by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 541,541 shares of the transportation company’s stock valued at $26,293,000 after buying an additional 16,811 shares during the last quarter. 92.21% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ ARCB opened at $39.22 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a market capitalization of $1.00 billion, a PE ratio of 29.49, a PEG ratio of 0.23 and a beta of 2.12. ArcBest Corp has a 1 year low of $30.90 and a 1 year high of $51.45.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Thursday, November 1st. The transportation company reported $1.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.32. The firm had revenue of $826.20 million during the quarter, compared to analysts’ expectations of $815.82 million. ArcBest had a net margin of 2.92% and a return on equity of 12.98%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 earnings per share. As a group, research analysts predict that ArcBest Corp will post 3.79 earnings per share for the current fiscal year.

In other news, insider James David Darter sold 2,062 shares of the stock in a transaction on Friday, November 9th. The shares were sold at an average price of $40.54, for a total value of $83,593.48. Following the completion of the sale, the insider now directly owns 24,424 shares of the company’s stock, valued at $990,148.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael R. Johns sold 4,409 shares of the stock in a transaction on Friday, November 16th. The stock was sold at an average price of $40.16, for a total transaction of $177,065.44. Following the completion of the sale, the vice president now directly owns 34,200 shares of the company’s stock, valued at $1,373,472. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,459 shares of company stock valued at $420,657. Corporate insiders own 1.19% of the company’s stock.

A number of analysts have commented on ARCB shares. Loop Capital reduced their target price on shares of ArcBest from $47.00 to $46.00 in a report on Monday, November 5th. BidaskClub raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, September 27th. SunTrust Banks started coverage on shares of ArcBest in a report on Wednesday, December 12th. They set a “buy” rating and a $47.00 target price for the company. Morgan Stanley upped their target price on shares of ArcBest from $39.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, November 5th. Finally, ValuEngine cut shares of ArcBest from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $43.90.

ILLEGAL ACTIVITY WARNING: This piece was first published by Watch List News and is the property of of Watch List News. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States and international copyright & trademark law. The correct version of this piece can be accessed at https://www.watchlistnews.com/martingale-asset-management-l-p-trims-holdings-in-arcbest-corp-arcb/2744806.html.

About ArcBest

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

Featured Story: What do I need to know about analyst ratings?

Want to see what other hedge funds are holding ARCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ArcBest Corp (NASDAQ:ARCB).

Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

Receive News & Ratings for ArcBest Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcBest and related companies with MarketBeat.com's FREE daily email newsletter.