Rhumbline Advisers Has $1.80 Million Stake in ArcBest Corporation (ARCB)
Rhumbline Advisers grew its stake in ArcBest Corporation (NASDAQ:ARCB) by 4.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,870 shares of the transportation company’s stock after purchasing an additional 2,302 shares during the period. Rhumbline Advisers owned approximately 0.21% of ArcBest worth $1,802,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Pacad Investment Ltd. lifted its stake in shares of ArcBest by 34.1% in the 2nd quarter. Pacad Investment Ltd. now owns 5,900 shares of the transportation company’s stock valued at $122,000 after purchasing an additional 1,500 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of ArcBest by 61.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,757 shares of the transportation company’s stock valued at $160,000 after purchasing an additional 2,957 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of ArcBest by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the transportation company’s stock valued at $202,000 after purchasing an additional 100 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of ArcBest in the 2nd quarter valued at approximately $236,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of ArcBest in the 3rd quarter valued at approximately $414,000. 89.57% of the stock is owned by institutional investors and hedge funds.
ARCB has been the topic of several recent analyst reports. Cowen downgraded ArcBest from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. Zacks Investment Research downgraded ArcBest from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Morgan Stanley reiterated an “equal weight” rating and issued a $22.00 price target (up from $21.00) on shares of ArcBest in a report on Thursday, October 5th. Bank of America increased their price target on ArcBest from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, November 6th. Finally, ValuEngine downgraded ArcBest from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. ArcBest has an average rating of “Hold” and an average target price of $30.86.
In other ArcBest news, Director Steven Spinner sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $32.00, for a total transaction of $128,000.00. Following the transaction, the director now directly owns 24,700 shares in the company, valued at approximately $790,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janice E. Stipp sold 3,700 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $38.09, for a total value of $140,933.00. Following the transaction, the director now owns 20,200 shares in the company, valued at $769,418. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
Shares of ArcBest Corporation (NASDAQ:ARCB) opened at $38.55 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.33. ArcBest Corporation has a fifty-two week low of $16.95 and a fifty-two week high of $38.75. The firm has a market capitalization of $956.25, a P/E ratio of 30.93 and a beta of 1.82.
ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.01. ArcBest had a return on equity of 5.34% and a net margin of 0.88%. The firm had revenue of $744.30 million for the quarter, compared to the consensus estimate of $750.16 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. research analysts anticipate that ArcBest Corporation will post 1.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 28th. Shareholders of record on Tuesday, November 14th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, November 13th. This represents a $0.32 annualized dividend and a yield of 0.83%. ArcBest’s payout ratio is currently 34.41%.
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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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