Everence Capital Management Inc. Lowers Position in ArcBest Co. (NASDAQ:ARCB)

Everence Capital Management Inc. trimmed its position in shares of ArcBest Co. (NASDAQ:ARCB) by 35.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,470 shares of the transportation company’s stock after selling 2,420 shares during the quarter. Everence Capital Management Inc.’s holdings in ArcBest were worth $417,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Quarry LP boosted its holdings in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after purchasing an additional 134 shares during the last quarter. Quest Partners LLC bought a new position in shares of ArcBest during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC boosted its stake in shares of ArcBest by 63.7% in the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock worth $56,000 after buying an additional 200 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of ArcBest by 17.9% in the third quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock valued at $68,000 after acquiring an additional 95 shares in the last quarter. Finally, KBC Group NV increased its position in shares of ArcBest by 36.8% during the third quarter. KBC Group NV now owns 851 shares of the transportation company’s stock valued at $92,000 after acquiring an additional 229 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

Insider Buying and Selling

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

ArcBest Trading Up 2.4 %

Shares of ArcBest stock opened at $94.14 on Monday. The company’s 50-day moving average price is $105.95 and its 200-day moving average price is $107.32. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.56 and a beta of 1.53. ArcBest Co. has a 12-month low of $91.01 and a 12-month high of $153.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.31 earnings per share. On average, equities analysts expect 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. Stockholders of record on Wednesday, November 13th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Wednesday, November 13th. ArcBest’s payout ratio is 5.93%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Morgan Stanley reduced their price objective on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. UBS Group lowered their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Citigroup increased their target price on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lowered their price target on shares of ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus price target of $124.50.

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.