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

Bank of America Corp DE lowered its holdings in ArcBest Co. (NASDAQ:ARCB - Free Report) by 9.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 approximately 0.41% of ArcBest worth $8,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC boosted its position in ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock valued at $4,678,000 after purchasing an additional 33,386 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of ArcBest by 6.0% during the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company's stock worth $21,709,000 after purchasing an additional 13,152 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of ArcBest by 7.4% during the 4th quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company's stock valued at $419,000 after buying an additional 306 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of ArcBest by 41.5% in the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock valued at $298,000 after buying an additional 935 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of ArcBest in the 4th quarter valued at approximately $5,826,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ARCB. Bank of America lifted their target price on shares of ArcBest from $58.00 to $67.00 and gave the company an "underperform" rating in a research note on Friday, May 16th. Stifel Nicolaus reduced their price objective on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Citigroup lowered their target price on shares of ArcBest from $83.00 to $66.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their price target on ArcBest from $80.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Finally, TD Cowen decreased their price target on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $88.25.

ArcBest Stock Performance

Shares of ARCB stock traded down $0.56 during trading hours on Thursday, reaching $63.87. 21,284 shares of the company's stock were exchanged, compared to its average volume of 307,226. ArcBest Co. has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.46 billion, a P/E ratio of 8.71, a P/E/G ratio of 1.70 and a beta of 1.70. The business has a fifty day moving average price of $64.32 and a 200-day moving average price of $84.85.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted 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). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The company had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The business's revenue for the quarter was down 6.7% on a year-over-year basis. Analysts predict that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were issued a $0.12 dividend. The ex-dividend date was Friday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.75%. ArcBest's dividend payout ratio (DPR) is 6.35%.

Insider Buying and Selling at ArcBest

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of ArcBest stock in a transaction dated Thursday, March 13th. The stock was bought 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 of the company's stock, valued at approximately $609,754.38. The trade was a 9.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.28% of the company's stock.

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.