JPMorgan Chase & Co. Sells 11,799 Shares of ArcBest Corporation $ARCB

Key Points

• JPMorgan Chase & Co. trimmed its stake in ArcBest by 6.4%, selling 11,799 shares and leaving it with 172,677 shares (about 0.76% of the company) valued at roughly $12.07 million per its latest 13F filing.
• ArcBest's shares fell about 5% after reporting quarterly results that included a $0.36 EPS (missed consensus by $0.09) and a 2.9% year-over-year revenue decline, with a net margin of 1.5% and ROE of 6.5%.
• The company trades with a market cap near $2.22 billion and a P/E of 38.2, pays a $0.12 quarterly dividend (0.5% yield), and carries a MarketBeat consensus rating of Hold with a $97 target (analyst targets range up to $110).

JPMorgan Chase & Co. trimmed its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,677 shares of the transportation company's stock after selling 11,799 shares during the period. JPMorgan Chase & Co. owned approximately 0.76% of ArcBest worth $12,065,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ARCB. American Century Companies Inc. grew its position in shares of ArcBest by 8.1% in the second quarter. American Century Companies Inc. now owns 745,671 shares of the transportation company's stock valued at $57,424,000 after purchasing an additional 55,776 shares in the last quarter. Geode Capital Management LLC boosted its stake in ArcBest by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 565,739 shares of the transportation company's stock worth $43,573,000 after purchasing an additional 4,048 shares during the period. Ameriprise Financial Inc. grew its holdings in ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company's stock valued at $37,740,000 after buying an additional 300,642 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ArcBest by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 192,618 shares of the transportation company's stock valued at $14,834,000 after buying an additional 812 shares in the last quarter. Finally, Encompass Capital Advisors LLC bought a new stake in shares of ArcBest during the second quarter valued at about $12,657,000. Hedge funds and other institutional investors own 99.27% of the company's stock.

ArcBest Trading Down 5.0%

Shares of ARCB stock opened at $99.71 on Friday. The business has a 50-day moving average price of $94.29 and a two-hundred day moving average price of $79.24. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $112.92. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.22 billion, a P/E ratio of 38.20, a price-to-earnings-growth ratio of 0.75 and a beta of 1.48.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings data on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The company's revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 EPS. Equities analysts anticipate that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. ArcBest's dividend payout ratio is 18.39%.

Wall Street Analyst Weigh In

ARCB has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of ArcBest from $76.00 to $81.00 and gave the company a "neutral" rating in a research note on Monday, February 2nd. Stephens set a $85.00 price target on shares of ArcBest in a report on Tuesday, January 6th. Jefferies Financial Group upped their price target on shares of ArcBest from $95.00 to $110.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Truist Financial increased their price objective on ArcBest from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, January 15th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of ArcBest in a research report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $97.00.

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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