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

Bank of America Corp DE trimmed its position 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 and Exchange Commission. The institutional investor owned 95,052 shares of the transportation company's stock after selling 10,066 shares during the quarter. Bank of America Corp DE owned 0.41% of ArcBest worth $8,870,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC increased its holdings in ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock valued at $4,678,000 after buying an additional 33,386 shares during the period. Crossmark Global Holdings Inc. bought a new position in shares of ArcBest during the 4th quarter worth about $375,000. Fifth Third Bancorp boosted its position in shares of ArcBest by 23.1% during the 4th quarter. Fifth Third Bancorp now owns 2,570 shares of the transportation company's stock valued at $240,000 after acquiring an additional 483 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in ArcBest by 4.9% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 18,247 shares of the transportation company's stock valued at $1,703,000 after acquiring an additional 849 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in ArcBest by 12.5% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,726 shares of the transportation company's stock valued at $348,000 after acquiring an additional 414 shares during the period. 99.27% of the stock is owned by institutional investors.

Insider Transactions at ArcBest

In other news, CFO John Matthew Beasley acquired 700 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the transaction, the chief financial officer now directly owns 8,142 shares in the company, valued at $609,754.38. This trade represents a 9.41% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Bank of America raised their price target on shares of ArcBest from $58.00 to $67.00 and gave the stock an "underperform" rating in a research note on Friday, May 16th. Wells Fargo & Company dropped their target price on ArcBest from $80.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Truist Financial decreased their price target on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Morgan Stanley lowered their price target on ArcBest from $160.00 to $145.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Finally, UBS Group cut their price objective on ArcBest from $100.00 to $64.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $88.25.

ArcBest Price Performance

ARCB traded up $0.10 during trading on Thursday, hitting $64.53. The company's stock had a trading volume of 304,935 shares, compared to its average volume of 308,596. 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 $1.48 billion, a price-to-earnings ratio of 8.80, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70. The firm's 50 day moving average price is $64.12 and its two-hundred day moving average price is $84.45. ArcBest Co. has a 12 month low of $55.19 and a 12 month high of $129.83.

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

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a dividend of $0.12 per share. The ex-dividend date was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.74%. ArcBest's payout ratio is currently 6.35%.

About ArcBest

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.