Next Century Growth Investors LLC Sells 29,826 Shares of ArcBest Corporation $ARCB

Key Points

• Next Century Growth Investors LLC reduced its stake in ArcBest Corporation by 50.4%, from 59,189 shares to 29,363, after selling 29,826 shares in the first quarter.
• Analysts have mixed views on ArcBest, with JPMorgan Chase raising their price target from $75.00 to $89.00, while Wells Fargo decreased it from $90.00 to $80.00.
• ArcBest reported a quarterly earnings miss of $1.36 per share compared to the analyst consensus of $1.48, along with a 5.1% revenue decline from the previous year.

Next Century Growth Investors LLC lowered its position in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 50.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 29,363 shares of the transportation company's stock after selling 29,826 shares during the period. Next Century Growth Investors LLC owned about 0.13% of ArcBest worth $2,072,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Signaturefd LLC lifted its stake in ArcBest by 477.6% in the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after purchasing an additional 320 shares in the last quarter. CWM LLC lifted its stake in ArcBest by 338.8% in the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after purchasing an additional 349 shares in the last quarter. Curat Global LLC purchased a new stake in ArcBest in the 1st quarter worth $82,000. GAMMA Investing LLC raised its position in shares of ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock valued at $101,000 after buying an additional 932 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of ArcBest during the 1st quarter valued at about $143,000. Institutional investors own 99.27% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on ARCB shares. JPMorgan Chase & Co. increased their price objective on shares of ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen raised shares of ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Wells Fargo & Company reduced their price objective on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. TD Cowen reduced their price objective on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $84.00 to $101.00 in a research report on Monday, June 2nd. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $90.00.

ArcBest Stock Down 1.3%

ARCB stock opened at $73.50 on Thursday. The stock has a market capitalization of $1.67 billion, a P/E ratio of 10.94, a P/E/G ratio of 0.86 and a beta of 1.69. ArcBest Corporation has a 52 week low of $55.19 and a 52 week high of $123.25. The firm has a 50-day simple moving average of $76.71 and a 200-day simple moving average of $72.33. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The business's revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.98 earnings per share. Equities analysts forecast that ArcBest Corporation will post 7 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 22nd. Shareholders of record on Friday, August 8th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. ArcBest's dividend payout ratio is currently 7.14%.

ArcBest 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.

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