Bank of America Corp DE Has $8.87 Million Stock Position in ArcBest Co. (NASDAQ:ARCB)

Bank of America Corp DE cut its position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 9.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,052 shares of the transportation company's stock after selling 10,066 shares during the period. Bank of America Corp DE owned 0.41% of ArcBest worth $8,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC boosted its holdings in ArcBest by 342.5% in the third quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock worth $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Victory Capital Management Inc. raised its holdings in ArcBest by 6.0% during the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company's stock valued at $21,709,000 after buying an additional 13,152 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of ArcBest by 7.4% in the fourth quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company's stock worth $419,000 after buying an additional 306 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of 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. Finally, Norges Bank acquired a new position in shares of ArcBest during the 4th quarter valued at about $5,826,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO John Matthew Beasley bought 700 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now owns 8,142 shares in the company, valued at approximately $609,754.38. This represents a 9.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ARCB. Stifel Nicolaus cut their price objective on ArcBest from $102.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Jefferies Financial Group dropped their price target on shares of ArcBest from $120.00 to $95.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. UBS Group reduced their price objective on shares of ArcBest from $100.00 to $64.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Citigroup decreased their price objective on shares of ArcBest from $83.00 to $66.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Truist Financial dropped their target price on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, ArcBest currently has an average rating of "Hold" and an average target price of $88.25.

ArcBest Stock Performance

Shares of ARCB stock traded up $3.43 during mid-day trading on Tuesday, reaching $64.20. The stock had a trading volume of 410,114 shares, compared to its average volume of 308,146. ArcBest Co. has a one year low of $55.19 and a one year high of $129.83. The firm has a market cap of $1.47 billion, a PE ratio of 8.76, a P/E/G ratio of 1.70 and a beta of 1.70. The firm's 50 day simple moving average is $64.62 and its 200 day simple moving average is $85.13. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The company's quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the firm earned $1.34 EPS. On average, analysts forecast that ArcBest Co. will post 7 EPS for the current year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest's dividend payout ratio is 6.35%.

ArcBest 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.