Westover Capital Advisors LLC Sells 126 Shares of ArcBest Co. (NASDAQ:ARCB)

Westover Capital Advisors LLC trimmed its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,478 shares of the transportation company’s stock after selling 126 shares during the quarter. Westover Capital Advisors LLC’s holdings in ArcBest were worth $372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in shares of ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. Innealta Capital LLC acquired a new stake in ArcBest during the second quarter worth approximately $33,000. Quest Partners LLC bought a new stake in ArcBest in the second quarter worth approximately $36,000. Finally, Cultivar Capital Inc. acquired a new position in ArcBest in the second quarter valued at approximately $43,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.65% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a research note on Wednesday, September 4th. TD Cowen cut their price objective on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Morgan Stanley decreased their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. Finally, Wells Fargo & Company lowered ArcBest from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $122.00 to $112.00 in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, ArcBest presently has an average rating of “Moderate Buy” and an average price target of $133.18.

ArcBest Trading Up 3.9 %

Shares of ArcBest stock opened at $103.83 on Friday. The company has a market capitalization of $2.46 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46. The stock has a fifty day simple moving average of $109.78 and a 200 day simple moving average of $118.90. ArcBest Co. has a 12-month low of $86.93 and a 12-month high of $153.60. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ArcBest Co. will post 7.21 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.46%. ArcBest’s dividend payout ratio is currently 9.66%.

About ArcBest

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.