Bank of New York Mellon Corp Takes $27.28 Million Position in ArcBest Corporation $ARCB

Key Points

• Bank of New York Mellon acquired 190,061 ArcBest shares worth approximately $27.28 million, giving it a 0.85% stake. Institutional investors and hedge funds collectively own 99.27% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $154.23, although Zacks Research recently downgraded the stock to “Hold.”
• ArcBest exceeded quarterly expectations, reporting $2.38 in earnings per share and $1.18 billion in revenue, while revenue rose 15.9% year over year. Insiders have sold nearly $1.68 million of stock over the past 90 days, and the company pays a $0.12 quarterly dividend.

Bank of New York Mellon Corp bought a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 190,061 shares of the transportation company's stock, valued at approximately $27,281,000. Bank of New York Mellon Corp owned about 0.85% of ArcBest as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of ArcBest by 300.3% during the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company's stock worth $1,898,000 after purchasing an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company's stock worth $989,000 after buying an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company's stock valued at $10,808,000 after buying an additional 104,643 shares during the period. Jane Street Group LLC increased its holdings in ArcBest by 278.2% in the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company's stock valued at $3,218,000 after buying an additional 33,537 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in shares of ArcBest by 3.4% in the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock worth $1,421,000 after acquiring an additional 655 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ARCB shares. Stifel Nicolaus raised their target price on ArcBest from $134.00 to $176.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Bank of America increased their price target on ArcBest from $138.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, June 5th. Stephens raised ArcBest to a "strong-buy" rating in a report on Wednesday, July 8th. Morgan Stanley boosted their price objective on ArcBest from $150.00 to $180.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Zacks Research downgraded ArcBest from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $154.23.

Insider Buying and Selling at ArcBest

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

ArcBest Price Performance

NASDAQ:ARCB opened at $136.54 on Friday. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The stock has a 50 day moving average of $144.72 and a two-hundred day moving average of $125.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market cap of $3.05 billion, a P/E ratio of 197.88, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results 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 the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 earnings per share. On average, analysts expect that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders 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 dividend on an annualized basis and a yield of 0.4%. ArcBest's dividend payout ratio (DPR) is presently 69.57%.

ArcBest Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.