Sei Investments Co. Cuts Stock Position in ArcBest Co. (NASDAQ:ARCB)

Sei Investments Co. trimmed its position in shares of ArcBest Co. (NASDAQ:ARCB) by 70.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,342 shares of the transportation company’s stock after selling 15,205 shares during the quarter. Sei Investments Co.’s holdings in ArcBest were worth $679,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Contravisory Investment Management Inc. lifted its position in ArcBest by 70.9% during the first 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 last quarter. Innealta Capital LLC purchased a new stake in shares of ArcBest during the 2nd quarter valued at $33,000. Quest Partners LLC acquired a new stake in shares of ArcBest in the 2nd quarter worth $36,000. Cultivar Capital Inc. purchased a new position in ArcBest during the 2nd quarter worth $43,000. Finally, Mather Group LLC. acquired a new position in ArcBest during the 2nd quarter valued at about $46,000. 99.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their price target on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research report on Wednesday, September 4th. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $122.00 to $112.00 in a research note on Wednesday, September 4th. TD Cowen lowered their price objective on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Finally, Morgan Stanley cut their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $133.50.

ArcBest Trading Up 1.6 %

Shares of ArcBest stock opened at $102.68 on Wednesday. The stock has a market cap of $2.41 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. The firm has a fifty day moving average price of $106.43 and a 200 day moving average price of $115.15. ArcBest Co. has a 1 year low of $86.93 and a 1 year 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.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data 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 company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the business posted $1.54 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts predict that ArcBest Co. will post 7.21 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a $0.12 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 annualized dividend and a yield of 0.47%. ArcBest’s dividend payout ratio is presently 9.66%.

Insiders Place Their Bets

In other news, Director Salvatore A. Abbate bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the purchase, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.65% of the company’s stock.

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.