Bank of America Corp DE Has $9.03 Million Stock Position in ArcBest Corporation $ARCB

Key Points

• Bank of America reduced its ArcBest stake by 15% in the first quarter, selling 16,230 shares and retaining 91,822 shares valued at approximately $9.03 million. Institutional investors collectively own 99.27% of the company.
• ArcBest reported quarterly EPS of $2.38, beating estimates of $2.26, while revenue rose 15.9% year over year to $1.18 billion. The company also maintains a quarterly dividend of $0.12 per share, or $0.48 annualized.
• Analysts give ArcBest a “Moderate Buy” consensus rating with an average price target of $154.23, while the stock recently traded at $134.45. Insiders sold 11,963 shares worth roughly $1.68 million over the past 90 days.

Bank of America Corp DE decreased its stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,822 shares of the transportation company's stock after selling 16,230 shares during the period. Bank of America Corp DE owned about 0.41% of ArcBest worth $9,032,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in shares of ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company's stock worth $75,000 after purchasing an additional 567 shares during the period. Hantz Financial Services Inc. raised its position in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company's stock worth $83,000 after purchasing an additional 934 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in ArcBest during the 2nd quarter worth about $85,000. Quantbot Technologies LP lifted its holdings in ArcBest by 146.3% during the 3rd quarter. Quantbot Technologies LP now owns 1,786 shares of the transportation company's stock worth $125,000 after buying an additional 1,061 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of ArcBest by 8.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

ArcBest Trading Down 4.2%

Shares of ArcBest stock opened at $134.45 on Tuesday. The company has a market capitalization of $3.00 billion, a P/E ratio of 194.86, a price-to-earnings-growth ratio of 0.46 and a beta of 1.57. The stock has a fifty day simple moving average of $145.61 and a 200 day simple moving average of $125.34. ArcBest Corporation has a 12-month low of $59.43 and a 12-month high of $176.69. 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 (NASDAQ:ARCB - Get Free Report) last issued 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. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business's revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $1.36 EPS. On average, sell-side analysts anticipate that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have commented on ARCB shares. UBS Group upped their price target on shares of ArcBest from $145.00 to $154.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Weiss Ratings lowered ArcBest from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 28th. Wall Street Zen raised ArcBest from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Citizens Jmp began coverage on ArcBest in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $180.00 price objective on the stock. Finally, Bank of America upped their target price on ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, June 5th. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $154.23.

Insider Activity at ArcBest

In related news, Director Judy R. Mcreynolds sold 2,857 shares of ArcBest stock in a transaction on Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the sale, the director directly owned 50,048 shares in the company, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erin K. Gattis sold 6,163 shares of the business's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares in the company, valued at approximately $3,400,040. This represents a 20.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is currently owned by corporate insiders.

About ArcBest

ArcBest Corporation NASDAQ: ARCB is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company's asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.

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