John G Ullman & Associates Inc. Sells 9,950 Shares of ArcBest Corporation (NASDAQ:ARCB)

Key Points

• John G Ullman & Associates Inc. has reduced its stake in ArcBest Corporation by 48.1%, selling 9,950 shares and retaining 10,725 shares worth approximately $757,000.
• The transportation company reported earnings of $0.51 per share for the latest quarter, falling short of the analyst consensus estimate of $0.52, along with a revenue of $967.08 million.
• ArcBest announced a quarterly dividend of $0.12 per share, reflecting an annualized yield of 0.56%, set to be paid on August 22nd.

John G Ullman & Associates Inc. cut its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 48.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,725 shares of the transportation company's stock after selling 9,950 shares during the quarter. John G Ullman & Associates Inc.'s holdings in ArcBest were worth $757,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cibc World Markets Corp acquired a new position in shares of ArcBest in the 4th quarter valued at $206,000. Teacher Retirement System of Texas lifted its stake in ArcBest by 41.5% during the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock worth $298,000 after acquiring an additional 935 shares in the last quarter. American Century Companies Inc. lifted its stake in ArcBest by 16.3% during the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company's stock worth $57,758,000 after acquiring an additional 86,867 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in ArcBest during the 4th quarter worth about $439,000. Finally, Vanguard Group Inc. lifted its stake in ArcBest by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company's stock worth $258,601,000 after acquiring an additional 20,665 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Price Performance

NASDAQ ARCB traded up $2.06 on Friday, reaching $86.21. 350,405 shares of the stock traded hands, compared to its average volume of 402,780. The firm's fifty day simple moving average is $72.86 and its 200 day simple moving average is $76.03. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 11.40, a P/E/G ratio of 0.90 and a beta of 1.71. ArcBest Corporation has a 12 month low of $55.19 and a 12 month high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The business's revenue was down 6.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.34 earnings per share. As a group, research analysts predict that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

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 dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. ArcBest's dividend payout ratio is 6.35%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ARCB shares. JPMorgan Chase & Co. increased their price target on ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. UBS Group raised their target price on shares of ArcBest from $64.00 to $84.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and raised their target price for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. TD Cowen reduced their target price on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $94.00.

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.