ArcBest Co. (NASDAQ:ARCB) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in ArcBest Co. (NASDAQ:ARCB) by 24.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 221,507 shares of the transportation company’s stock after acquiring an additional 43,707 shares during the quarter. JPMorgan Chase & Co. owned 0.95% of ArcBest worth $24,022,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of ArcBest by 1.9% in the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares during the period. Intech Investment Management LLC grew its stake in shares of ArcBest by 92.3% in the third quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock worth $1,166,000 after acquiring an additional 5,161 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of ArcBest by 16.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock worth $12,653,000 after acquiring an additional 16,103 shares during the period. Barclays PLC raised its stake in shares of ArcBest by 342.5% in the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after acquiring an additional 33,386 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in ArcBest by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after purchasing an additional 21,905 shares during the period. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Insider Activity at ArcBest

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the completion of the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This represents a 67.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the transaction, the director now owns 23,250 shares in the company, valued at $2,555,407.50. This trade represents a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Wells Fargo & Company decreased their price target on shares of ArcBest from $115.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday. Wolfe Research downgraded shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. Finally, UBS Group dropped their target price on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $124.50.

ArcBest Stock Performance

NASDAQ ARCB opened at $94.61 on Thursday. The company has a fifty day moving average of $105.59 and a two-hundred day moving average of $107.18. The company has a market capitalization of $2.21 billion, a PE ratio of 11.68, a P/E/G ratio of 2.56 and a beta of 1.53. ArcBest Co. has a 1 year low of $91.01 and a 1 year high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04.

ArcBest (NASDAQ:ARCB) last announced its earnings results 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). The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $2.31 earnings per share. As a group, analysts expect that ArcBest Co. will post 6.06 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were issued a $0.12 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.51%. ArcBest’s payout ratio is 5.93%.

ArcBest 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.