Bank of America Corp DE Acquires New Holdings in ArcBest Corporation $ARCB

Key Points

• Bank of America acquired 77,184 ArcBest shares worth approximately $11.1 million, representing a 0.35% stake. Institutional investors collectively own 99.27% of the company.
• ArcBest insiders sold 12,818 shares worth about $1.79 million during the last quarter, while insiders retain only 0.98% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $154.23. ArcBest recently exceeded quarterly earnings and revenue expectations, reporting $2.38 in EPS and $1.18 billion in revenue.

Bank of America Corp DE acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 77,184 shares of the transportation company's stock, valued at approximately $11,079,000. Bank of America Corp DE owned 0.35% of ArcBest at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in ArcBest during the 2nd quarter valued at $503,476,000. Dimensional Fund Advisors LP increased its position in ArcBest by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company's stock valued at $137,429,000 after acquiring an additional 47,848 shares during the last quarter. Bank of New York Mellon Corp bought a new position in ArcBest during the second quarter valued at $27,281,000. Encompass Capital Advisors LLC purchased a new stake in shares of ArcBest in the fourth quarter valued at $20,402,000. Finally, Heartland Advisors Inc. purchased a new stake in shares of ArcBest in the second quarter valued at $15,789,000. 99.27% of the stock is owned by institutional investors.

Insider Transactions at ArcBest

In other ArcBest news, VP Jason T. Parks sold 855 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $135.09, for a total transaction of $115,501.95. Following the completion of the sale, the vice president owned 3,794 shares in the company, valued at $512,531.46. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the sale, the insider directly owned 24,286 shares in the company, valued at $3,400,040. This trade represents a 20.24% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 12,818 shares of company stock valued at $1,793,568. Company insiders own 0.98% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Citizens Jmp began coverage on shares of ArcBest in a research note on Wednesday, July 15th. They set a "market outperform" rating and a $180.00 price target for the company. Zacks Research lowered shares of ArcBest from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 5th. Bank of America raised their price objective on shares of ArcBest from $138.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, June 5th. TD Cowen dropped their target price on ArcBest from $175.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday, July 30th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of ArcBest in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $154.23.

ArcBest Stock Performance

Shares of ArcBest stock opened at $125.16 on Friday. The firm has a market cap of $2.80 billion, a P/E ratio of 181.39, a P/E/G ratio of 0.38 and a beta of 1.55. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The stock's fifty day moving average price is $139.42 and its 200-day moving average price is $130.28.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $1.36 earnings per share. The firm's quarterly revenue was up 15.9% on a year-over-year basis. On average, equities research analysts expect that ArcBest Corporation will post 6.98 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were issued a $0.12 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. ArcBest's payout ratio is currently 69.57%.

ArcBest Company Profile

ArcBest Corporation NASDAQ: ARCB is a North American logistics company headquartered in Fort Smith, Arkansas. Through its subsidiaries and service offerings, the company provides freight transportation, supply chain management and logistics solutions for businesses of various sizes.

Its asset-based operations are primarily conducted through ABF Freight, a less-than-truckload carrier that transports palletized and other freight across the United States, Canada and Mexico. ABF Freight offers regional, interregional and long-haul services, as well as time-critical, expedited, guaranteed and specialized transportation solutions.

ArcBest also provides asset-light logistics services, including truckload, expedited, final-mile, intermodal, international and managed transportation solutions.

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