Livforsakringsbolaget Skandia Omsesidigt Purchases 1,600 Shares of ArcBest Co. (NASDAQ:ARCB)

Livforsakringsbolaget Skandia Omsesidigt raised its position in ArcBest Co. (NASDAQ:ARCB) by 24.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,100 shares of the transportation company’s stock after acquiring an additional 1,600 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in ArcBest were worth $877,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Contravisory Investment Management Inc. boosted its holdings in shares of ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after buying an additional 78 shares during the last quarter. Oliver Luxxe Assets LLC increased its stake in shares of ArcBest by 1.6% in the 1st quarter. Oliver Luxxe Assets LLC now owns 8,216 shares of the transportation company’s stock worth $1,171,000 after purchasing an additional 129 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in ArcBest by 9.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after purchasing an additional 14,463 shares during the period. Principal Financial Group Inc. lifted its position in ArcBest by 2.9% during the first quarter. Principal Financial Group Inc. now owns 138,764 shares of the transportation company’s stock valued at $19,774,000 after purchasing an additional 3,918 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in ArcBest by 3.5% during the first quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock valued at $550,000 after purchasing an additional 131 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ARCB. JPMorgan Chase & Co. decreased their price objective on ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a report on Wednesday, September 4th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Bank of America cut their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $122.00 to $112.00 in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and an average target price of $129.33.

ArcBest Trading Up 4.3 %

ARCB opened at $105.95 on Friday. The stock has a 50-day moving average of $105.55 and a 200 day moving average of $114.61. 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 Co. has a 12 month low of $86.93 and a 12 month high of $153.60. The firm has a market cap of $2.48 billion, a P/E ratio of 21.32, a P/E/G ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. During the same quarter last year, the firm posted $1.54 EPS. ArcBest’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, research analysts forecast that ArcBest Co. will post 7.06 EPS for the current year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 annualized dividend and a yield of 0.45%. ArcBest’s payout ratio is 9.66%.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction dated Monday, August 12th. The shares were purchased 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 in the company, valued at $379,344.50. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.65% of the company’s stock.

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.