DekaBank Deutsche Girozentrale Acquires 1,950 Shares of ArcBest Co. (NASDAQ:ARCB)

DekaBank Deutsche Girozentrale increased its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 121.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,554 shares of the transportation company’s stock after purchasing an additional 1,950 shares during the period. DekaBank Deutsche Girozentrale’s holdings in ArcBest were worth $373,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. boosted its position in ArcBest by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after acquiring an additional 20,115 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in ArcBest by 20.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock valued at $18,629,000 after purchasing an additional 26,411 shares during the last quarter. Principal Financial Group Inc. raised its holdings in ArcBest by 2.9% in the first quarter. Principal Financial Group Inc. now owns 138,764 shares of the transportation company’s stock worth $19,774,000 after purchasing an additional 3,918 shares in the last quarter. Finally, Orchard Capital Management LLC lifted its position in shares of ArcBest by 5.5% during the fourth quarter. Orchard Capital Management LLC now owns 101,820 shares of the transportation company’s stock valued at $12,240,000 after buying an additional 5,322 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ARCB. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of ArcBest in a research note on Wednesday, September 4th. Wells Fargo & Company lowered ArcBest from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $122.00 to $112.00 in a report on Wednesday, September 4th. TD Cowen dropped their target price on ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Bank of America decreased their price target on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus lowered their price target on ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, ArcBest has an average rating of “Moderate Buy” and an average price target of $133.18.

Insider Activity

In related news, Director Salvatore A. Abbate bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the acquisition, the director now directly owns 3,650 shares in the company, valued at $379,344.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.65% of the company’s stock.

ArcBest Trading Down 5.2 %

ArcBest stock opened at $109.85 on Friday. ArcBest Co. has a 52 week low of $86.93 and a 52 week high of $153.60. The stock has a 50-day moving average price of $109.86 and a 200 day moving average price of $117.79. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 22.10, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46.

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

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. ArcBest’s payout ratio is currently 9.66%.

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.