Granite Investment Partners LLC Sells 19,025 Shares of ArcBest Co. (NASDAQ:ARCB)

Granite Investment Partners LLC reduced its holdings in ArcBest Co. (NASDAQ:ARCB) by 9.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 174,509 shares of the transportation company’s stock after selling 19,025 shares during the quarter. Granite Investment Partners LLC owned approximately 0.74% of ArcBest worth $18,686,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. increased its position 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 acquiring an additional 78 shares during the period. EverSource Wealth Advisors LLC increased its position in ArcBest by 49.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Innealta Capital LLC acquired a new position in ArcBest in the 2nd quarter valued at approximately $33,000. Quest Partners LLC acquired a new position in ArcBest in the 2nd quarter valued at approximately $36,000. Finally, Parallel Advisors LLC increased its position in shares of ArcBest by 45.8% during the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after buying an additional 114 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ARCB shares. Bank of America decreased their price objective on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $122.00 to $112.00 in a research report on Wednesday, September 4th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a report on Wednesday, September 4th. Finally, Morgan Stanley reduced their price target on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcBest currently has an average rating of “Moderate Buy” and a consensus price target of $133.18.

ArcBest Stock Up 4.7 %

ArcBest stock opened at $115.83 on Friday. ArcBest Co. has a 1-year low of $86.93 and a 1-year high of $153.60. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46. The firm’s fifty day moving average price is $109.95 and its two-hundred day moving average price is $118.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

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). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the business earned $1.54 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts predict that ArcBest Co. will post 7.21 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Tuesday, August 13th. ArcBest’s payout ratio is currently 9.66%.

Insider Activity at ArcBest

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.65% of the stock is owned by insiders.

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.