Meridian Investment Counsel Inc. reduced its position in shares of ArcBest Corp (NASDAQ:ARCB) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,650 shares of the transportation company’s stock after selling 600 shares during the period. Meridian Investment Counsel Inc. owned about 0.06% of ArcBest worth $440,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of ArcBest by 5.1% during the second quarter. JPMorgan Chase & Co. now owns 1,395,213 shares of the transportation company’s stock worth $37,545,000 after purchasing an additional 67,499 shares in the last quarter. Royce & Associates LP increased its stake in shares of ArcBest by 81,746.6% in the first quarter. Royce & Associates LP now owns 744,804 shares of the transportation company’s stock worth $22,933,000 after buying an additional 743,894 shares during the last quarter. Northern Trust Corp increased its stake in shares of ArcBest by 2.3% in the second quarter. Northern Trust Corp now owns 527,250 shares of the transportation company’s stock worth $14,820,000 after buying an additional 11,616 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of ArcBest by 15.1% in the second quarter. Prudential Financial Inc. now owns 367,722 shares of the transportation company’s stock worth $10,336,000 after buying an additional 48,240 shares during the last quarter. Finally, Hillcrest Asset Management LLC increased its stake in shares of ArcBest by 35.6% in the first quarter. Hillcrest Asset Management LLC now owns 352,919 shares of the transportation company’s stock worth $10,866,000 after buying an additional 92,655 shares during the last quarter. 93.69% of the stock is currently owned by institutional investors and hedge funds.
ARCB stock traded down $0.39 during midday trading on Thursday, hitting $31.29. The stock had a trading volume of 78,110 shares, compared to its average volume of 267,012. The firm has a market capitalization of $808.47 million, a price-to-earnings ratio of 8.11 and a beta of 1.98. ArcBest Corp has a 52 week low of $24.68 and a 52 week high of $51.20. The stock has a 50-day simple moving average of $28.82 and a 200 day simple moving average of $29.55. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.39.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were given a $0.08 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.32 dividend on an annualized basis and a yield of 1.02%. ArcBest’s payout ratio is 8.29%.
ARCB has been the subject of several recent research reports. Zacks Investment Research lowered shares of ArcBest from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th. Cowen upgraded shares of ArcBest from a “market perform” rating to an “outperform” rating and set a $40.00 target price for the company in a research note on Wednesday, May 22nd. Mizuho reiterated a “buy” rating and set a $38.00 target price on shares of ArcBest in a research note on Tuesday, July 2nd. Citigroup lowered their target price on shares of ArcBest from $34.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, ValuEngine upgraded shares of ArcBest from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. ArcBest presently has an average rating of “Hold” and an average target price of $36.63.
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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