Stifel Financial Corp Sells 2,066 Shares of ArcBest Co. (NASDAQ:ARCB)

Stifel Financial Corp reduced its position in ArcBest Co. (NASDAQ:ARCB) by 36.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,675 shares of the transportation company’s stock after selling 2,066 shares during the quarter. Stifel Financial Corp’s holdings in ArcBest were worth $399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Holocene Advisors LP bought a new stake in ArcBest in the 3rd quarter worth approximately $808,000. Centiva Capital LP bought a new stake in shares of ArcBest in the 3rd quarter worth approximately $552,000. Rockefeller Capital Management L.P. boosted its stake in shares of ArcBest by 6.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 114,984 shares of the transportation company’s stock valued at $12,470,000 after purchasing an additional 6,505 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of ArcBest by 16.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock valued at $12,653,000 after purchasing an additional 16,103 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in ArcBest by 25.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,611 shares of the transportation company’s stock worth $609,000 after purchasing an additional 1,144 shares during the period. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Stock Down 0.5 %

ARCB stock opened at $93.60 on Friday. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 2.56 and a beta of 1.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The business’s 50 day moving average price is $107.02 and its two-hundred day moving average price is $107.94. ArcBest Co. has a fifty-two week low of $92.08 and a fifty-two week high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the company posted $2.31 EPS. ArcBest’s revenue for the quarter was down 5.8% compared to the same quarter last year. As a group, analysts forecast that ArcBest Co. will post 6.06 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest’s payout ratio is currently 5.93%.

Insiders Place Their Bets

In other news, SVP Michael E. Newcity sold 10,443 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the sale, the senior vice president now owns 5,051 shares in the company, valued at $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the sale, the director now owns 23,250 shares of the company’s stock, valued at $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

Wall Street Analysts Forecast Growth

ARCB has been the topic of a number of recent research reports. Stifel Nicolaus reduced their price objective on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. UBS Group decreased their price target on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Bank of America dropped their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and lowered their price target for the company from $131.00 to $114.00 in a report on Monday, October 14th. Finally, The Goldman Sachs Group cut their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, ArcBest presently has a consensus rating of “Hold” and an average price target of $124.50.

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.