Dimensional Fund Advisors LP raised its holdings in ArcBest Corporation (NASDAQ:ARCB) by 0.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,175,165 shares of the transportation company’s stock after purchasing an additional 4,688 shares during the period. Dimensional Fund Advisors LP owned about 8.48% of ArcBest worth $72,759,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in ArcBest by 3.9% in the second quarter. Vanguard Group Inc. now owns 2,216,925 shares of the transportation company’s stock valued at $45,669,000 after purchasing an additional 83,738 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in shares of ArcBest by 4.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 91,340 shares of the transportation company’s stock worth $3,055,000 after acquiring an additional 3,990 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of ArcBest by 55.6% in the second quarter. Systematic Financial Management LP now owns 88,382 shares of the transportation company’s stock worth $1,821,000 after acquiring an additional 31,575 shares during the last quarter. LSV Asset Management boosted its stake in shares of ArcBest by 12.3% in the second quarter. LSV Asset Management now owns 427,500 shares of the transportation company’s stock worth $8,806,000 after acquiring an additional 46,700 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of ArcBest by 49.2% in the second quarter. Wells Fargo & Company MN now owns 27,501 shares of the transportation company’s stock worth $566,000 after acquiring an additional 9,068 shares during the last quarter. 89.53% of the stock is currently owned by institutional investors.
In other ArcBest news, Director William Legg sold 6,153 shares of ArcBest stock in a transaction on Monday, December 11th. The stock was sold at an average price of $37.52, for a total value of $230,860.56. Following the sale, the director now owns 36,147 shares in the company, valued at $1,356,235.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Janice E. Stipp sold 3,700 shares of ArcBest stock in a transaction on Friday, December 8th. The shares were sold at an average price of $38.09, for a total value of $140,933.00. Following the completion of the sale, the director now owns 20,200 shares in the company, valued at approximately $769,418. The disclosure for this sale can be found here. Insiders have sold 13,853 shares of company stock worth $499,794 in the last three months. 0.97% of the stock is currently owned by corporate insiders.
ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 3rd. The transportation company reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.01. The company had revenue of $744.30 million for the quarter, compared to analyst estimates of $750.16 million. ArcBest had a return on equity of 5.34% and a net margin of 0.88%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. equities analysts forecast that ArcBest Corporation will post 1.29 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 28th. Shareholders of record on Tuesday, November 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date was Monday, November 13th. ArcBest’s dividend payout ratio (DPR) is currently 34.41%.
A number of brokerages have recently issued reports on ARCB. Cowen lowered ArcBest from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $28.00 price target on shares of ArcBest in a research note on Thursday, September 21st. Zacks Investment Research lowered ArcBest from a “buy” rating to a “hold” rating in a research note on Monday, October 9th. Bank of America lifted their price target on ArcBest from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $22.00 price target (up from $21.00) on shares of ArcBest in a research note on Thursday, October 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $31.43.
ArcBest Company Profile
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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