Rockefeller Capital Management L.P. Trims Stock Holdings in ArcBest Corporation $ARCB

Rockefeller Capital Management L.P. cut its stake in ArcBest Corporation (NASDAQ:ARCB) by 95.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 10,821 shares of the transportation company’s stock after selling 206,852 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in ArcBest were worth $833,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in ArcBest by 433.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after buying an additional 312 shares in the last quarter. CWM LLC boosted its position in shares of ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 349 shares during the period. FNY Investment Advisers LLC purchased a new position in ArcBest during the second quarter valued at approximately $51,000. GAMMA Investing LLC increased its holdings in ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock worth $123,000 after acquiring an additional 168 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in ArcBest by 19.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the transportation company’s stock worth $127,000 after purchasing an additional 272 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

Shares of ArcBest stock opened at $64.15 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. ArcBest Corporation has a one year low of $55.19 and a one year high of $115.76. The business’s 50 day simple moving average is $69.58 and its two-hundred day simple moving average is $71.72. The stock has a market capitalization of $1.44 billion, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 1.35 and a beta of 1.67.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm earned $1.64 EPS. The company’s revenue was down 1.4% on a year-over-year basis. Analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, November 14th. ArcBest’s dividend payout ratio (DPR) is presently 11.40%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ARCB. Wells Fargo & Company decreased their price target on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Cowen restated a “hold” rating on shares of ArcBest in a research note on Wednesday, October 1st. Stifel Nicolaus raised their price target on ArcBest from $81.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. Morgan Stanley cut their price objective on ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.67.

ArcBest Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.