Orchard Capital Management LLC Has $10.90 Million Stock Position in ArcBest Co. (NASDAQ:ARCB)

Orchard Capital Management LLC lowered its stake in ArcBest Co. (NASDAQ:ARCB) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 101,820 shares of the transportation company’s stock after selling 1,393 shares during the quarter. ArcBest comprises approximately 3.3% of Orchard Capital Management LLC’s holdings, making the stock its 11th largest holding. Orchard Capital Management LLC owned 0.43% of ArcBest worth $10,903,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. UniSuper Management Pty Ltd acquired a new position in shares of ArcBest in the 1st quarter valued at $666,000. Norges Bank acquired a new stake in ArcBest during the 4th quarter worth $9,298,000. The Manufacturers Life Insurance Company raised its stake in ArcBest by 20.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock worth $18,629,000 after buying an additional 26,411 shares during the period. Inspire Investing LLC raised its stake in ArcBest by 39.6% during the 1st quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after buying an additional 4,258 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.65% of the stock is owned by corporate insiders.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $115.83 on Friday. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 1.22 and a beta of 1.46. The business has a 50-day moving average of $109.95 and a 200-day moving average of $118.02. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. ArcBest Co. has a fifty-two week low of $86.93 and a fifty-two week high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.54 EPS. As a group, sell-side analysts predict that ArcBest Co. will post 7.21 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Bank of America dropped their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Wells Fargo & Company downgraded ArcBest from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $122.00 to $112.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price objective on ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. TD Cowen lowered their target price on ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Finally, Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of ArcBest in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, ArcBest has a consensus rating of “Moderate Buy” and an average target price of $133.18.

ArcBest Company 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.