Vanguard Group Inc. Sells 72,754 Shares of ArcBest Corporation $ARCB

Key Points

• Vanguard Group Inc. reduced its stake in ArcBest Corporation by 2.6%, selling 72,754 shares and retaining approximately 2.7 million shares, representing about 11.66% of the company.
• ArcBest recently reported a quarterly earnings per share of $1.36, falling short of analysts' expectations of $1.48, with revenues declining 5.1% year-over-year to $1.02 billion.
• The company announced a quarterly dividend of $0.12 per share, set to be paid on August 22nd, resulting in an annualized dividend yield of 0.7%.

Vanguard Group Inc. decreased its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,698,369 shares of the transportation company's stock after selling 72,754 shares during the period. Vanguard Group Inc. owned about 11.66% of ArcBest worth $190,451,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its position in ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock valued at $27,000 after purchasing an additional 320 shares during the period. CWM LLC lifted its position in ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company's stock valued at $32,000 after purchasing an additional 349 shares during the period. Curat Global LLC bought a new position in ArcBest during the first quarter valued at approximately $82,000. GAMMA Investing LLC increased its holdings in ArcBest by 185.3% during the first 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 during the last quarter. Finally, Lido Advisors LLC purchased a new stake in ArcBest during the fourth quarter valued at approximately $211,000. Institutional investors own 99.27% of the company's stock.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $73.20 on Wednesday. The firm has a fifty day moving average price of $76.12 and a 200-day moving average price of $73.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $1.66 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 0.83 and a beta of 1.69. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $123.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its 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). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $1.98 EPS. ArcBest's revenue was down 5.1% compared to the same quarter last year. Equities analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be given a dividend of $0.12 per share. The ex-dividend date is 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%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and upped their target price for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. UBS Group reduced their target price on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating and set a $85.00 target price (up from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. JPMorgan Chase & Co. upped their target price on shares of ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Stifel Nicolaus reduced their target price on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $90.00.

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.

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