Northern Trust Corp Buys 5,739 Shares of ArcBest Co. (NASDAQ:ARCB)

Northern Trust Corp grew its stake in ArcBest Co. (NASDAQ:ARCB - Free Report) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 400,005 shares of the transportation company's stock after acquiring an additional 5,739 shares during the quarter. Northern Trust Corp owned 1.71% of ArcBest worth $37,328,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of ArcBest by 39.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 182,887 shares of the transportation company's stock valued at $17,067,000 after buying an additional 52,027 shares during the last quarter. Aquatic Capital Management LLC increased its holdings in shares of ArcBest by 307.0% in the 4th quarter. Aquatic Capital Management LLC now owns 2,442 shares of the transportation company's stock worth $228,000 after purchasing an additional 1,842 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of ArcBest in the fourth quarter worth $1,064,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of ArcBest by 2.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 67,909 shares of the transportation company's stock valued at $6,338,000 after purchasing an additional 1,525 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of ArcBest by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 14,383 shares of the transportation company's stock valued at $1,342,000 after buying an additional 782 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Stephens restated an "overweight" rating and set a $116.00 target price on shares of ArcBest in a research note on Tuesday, March 11th. Stifel Nicolaus decreased their target price on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. StockNews.com upgraded ArcBest from a "sell" rating to a "hold" rating in a research note on Friday. Truist Financial dropped their target price on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, The Goldman Sachs Group lowered their price objective on shares of ArcBest from $97.00 to $84.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $88.75.

ArcBest Price Performance

ARCB opened at $61.74 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $66.40 and a 200 day moving average of $88.49. ArcBest Co. has a 52-week low of $55.19 and a 52-week high of $129.83. The stock has a market cap of $1.43 billion, a P/E ratio of 8.42, a PEG ratio of 1.70 and a beta of 1.70.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The company had revenue of $967.08 million for the quarter, compared to analysts' expectations of $990.03 million. During the same period last year, the business posted $1.34 earnings per share. The business's revenue was down 6.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that ArcBest Co. will post 7 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, May 9th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.78%. The ex-dividend date is Friday, May 9th. ArcBest's payout ratio is 6.35%.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average cost of $74.89 per share, with a total value of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares in the company, valued at $609,754.38. This represents a 9.41 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.28% of the company's stock.

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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