ArcBest Co. (NASDAQ:ARCB) Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in ArcBest Co. (NASDAQ:ARCB) by 7.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,351 shares of the transportation company’s stock after selling 252 shares during the quarter. Truist Financial Corp’s holdings in ArcBest were worth $359,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Contravisory Investment Management Inc. raised its stake in ArcBest by 70.9% in 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. Oliver Luxxe Assets LLC raised its position in shares of ArcBest by 1.6% during the 1st quarter. Oliver Luxxe Assets LLC now owns 8,216 shares of the transportation company’s stock worth $1,171,000 after acquiring an additional 129 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of 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 acquiring an additional 14,463 shares in the last quarter. Principal Financial Group Inc. increased its position in ArcBest by 2.9% during the first quarter. Principal Financial Group Inc. now owns 138,764 shares of the transportation company’s stock worth $19,774,000 after buying an additional 3,918 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in ArcBest by 3.5% during the first quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock worth $550,000 after buying an additional 131 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Salvatore A. Abbate acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost 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 in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.65% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ARCB. Stifel Nicolaus lowered their target price on ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group decreased their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Finally, Citigroup started coverage on ArcBest in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $127.92.

ArcBest Stock Down 1.3 %

ARCB opened at $104.89 on Friday. ArcBest Co. has a 12 month low of $86.93 and a 12 month high of $153.60. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a market cap of $2.46 billion, a P/E ratio of 21.10, a P/E/G ratio of 1.28 and a beta of 1.46. The stock’s 50 day moving average price is $105.56 and its 200 day moving average price is $113.81.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The firm had revenue of $1.08 billion for 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%. 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 business posted $1.54 earnings per share. As a group, research analysts predict that ArcBest Co. will post 7.06 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders 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 dividend yield of 0.46%. 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.