3,910 Shares in ArcBest Co. (NASDAQ:ARCB) Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC bought a new position in shares of ArcBest Co. (NASDAQ:ARCB) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 3,910 shares of the transportation company’s stock, valued at approximately $419,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP grew its stake in ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after buying an additional 134 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares during the last quarter. Innealta Capital LLC purchased a new stake in ArcBest during the 2nd quarter valued at about $33,000. Quest Partners LLC purchased a new stake in ArcBest during the 2nd quarter valued at about $36,000. Finally, Cultivar Capital Inc. purchased a new stake in ArcBest during the 2nd quarter valued at about $43,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.65% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on ARCB shares. JPMorgan Chase & Co. dropped their price target on ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. The Goldman Sachs Group dropped their price target on ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Stephens reiterated an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research note on Wednesday, September 4th. Finally, Bank of America dropped their price target on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, ArcBest presently has an average rating of “Hold” and an average price target of $127.92.

ArcBest Stock Performance

NASDAQ ARCB opened at $106.31 on Thursday. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.28 and a beta of 1.46. ArcBest Co. has a twelve month low of $86.93 and a twelve month high of $153.60. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average of $105.58 and a 200 day moving average of $113.87.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. Sell-side analysts anticipate that ArcBest Co. will post 7.06 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.45%. ArcBest’s payout ratio is 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.