Heritage Oak Wealth Advisors LLC acquired a new position in shares of ArcBest Co. (NASDAQ:ARCB – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,349 shares of the transportation company’s stock, valued at approximately $1,448,000. Heritage Oak Wealth Advisors LLC owned about 0.06% of ArcBest as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd purchased a new stake in shares of ArcBest during the 1st quarter worth $666,000. Inspire Investing LLC boosted its holdings in ArcBest by 39.6% during the first quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after buying an additional 4,258 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of ArcBest by 54.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after acquiring an additional 7,291 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in ArcBest by 235.3% in the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock valued at $4,771,000 after purchasing an additional 23,497 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.
ArcBest Stock Up 2.8 %
Shares of NASDAQ:ARCB traded up $2.84 during mid-day trading on Friday, hitting $104.44. 39,503 shares of the company traded hands, compared to its average volume of 284,330. The firm has a market cap of $2.45 billion, a P/E ratio of 20.44, a PEG ratio of 1.28 and a beta of 1.46. ArcBest Co. has a 52-week low of $86.93 and a 52-week high of $153.60. The firm’s 50 day simple moving average is $105.20 and its 200 day simple moving average is $112.34. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19.
ArcBest Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders 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 0.46%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the stock. The Goldman Sachs Group lowered their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. Finally, Citigroup initiated coverage on ArcBest in a report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $126.92.
View Our Latest Stock Analysis on ARCB
Insider Buying and Selling
In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.
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