ArcBest Corporation (NASDAQ:ARCB) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lowered its position in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 59.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,318 shares of the transportation company's stock after selling 9,131 shares during the quarter. Mackenzie Financial Corp's holdings in ArcBest were worth $446,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ArcBest by 10.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,901 shares of the transportation company's stock worth $487,000 after acquiring an additional 670 shares during the last quarter. Royce & Associates LP grew its stake in ArcBest by 15.2% during the 1st quarter. Royce & Associates LP now owns 98,156 shares of the transportation company's stock valued at $6,928,000 after purchasing an additional 12,971 shares in the last quarter. Readystate Asset Management LP purchased a new stake in ArcBest during the 1st quarter worth approximately $418,000. Victory Capital Management Inc. raised its position in shares of ArcBest by 10.9% in the 1st quarter. Victory Capital Management Inc. now owns 257,933 shares of the transportation company's stock valued at $18,205,000 after purchasing an additional 25,306 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock valued at $27,000 after buying an additional 320 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ARCB has been the subject of a number of research analyst reports. Jefferies Financial Group restated a "buy" rating and issued a $85.00 price target (up previously from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $84.00 to $101.00 in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lifted their price target on ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus lowered their price objective on ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $90.00.

ArcBest Stock Down 3.3%

NASDAQ:ARCB opened at $71.65 on Friday. The company has a current ratio of 0.96, a quick ratio of 1.00 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $74.94 and a 200-day moving average of $74.60. The firm has a market capitalization of $1.63 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 0.85 and a beta of 1.69. ArcBest Corporation has a 52 week low of $55.19 and a 52 week high of $123.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm earned $1.98 EPS. The company's revenue for the quarter was down 5.1% compared to the same quarter last year. Analysts predict that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be issued 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 of this dividend is Friday, August 8th. ArcBest's dividend payout ratio (DPR) is 7.14%.

ArcBest Company 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.

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