Wakefield Asset Management LLLP cut its holdings in ArcBest Co. (NASDAQ:ARCB) by 16.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,659 shares of the transportation company’s stock after selling 1,840 shares during the quarter. Wakefield Asset Management LLLP’s holdings in ArcBest were worth $562,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in ArcBest by 20.1% in the 2nd quarter. Principal Financial Group Inc. now owns 209,597 shares of the transportation company’s stock valued at $12,196,000 after acquiring an additional 35,033 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in ArcBest by 9.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,462 shares of the transportation company’s stock worth $900,000 after buying an additional 1,374 shares in the last quarter. Citigroup Inc. boosted its position in ArcBest by 140.7% in the 2nd quarter. Citigroup Inc. now owns 22,403 shares of the transportation company’s stock valued at $1,304,000 after buying an additional 13,097 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of ArcBest in the 2nd quarter valued at $29,000. Finally, Mutual of America Capital Management LLC raised its position in shares of ArcBest by 6.4% during the second quarter. Mutual of America Capital Management LLC now owns 3,609 shares of the transportation company’s stock worth $210,000 after acquiring an additional 217 shares during the last quarter. Institutional investors and hedge funds own 89.95% of the company’s stock.
ArcBest stock traded up $1.54 during trading hours on Wednesday, hitting $69.46. The company had a trading volume of 853 shares, compared to its average volume of 285,667. The firm has a 50-day moving average of $64.00 and a 200 day moving average of $68.17. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $1.78 billion, a PE ratio of 13.28, a PEG ratio of 0.46 and a beta of 1.79. ArcBest Co. has a one year low of $28.52 and a one year high of $93.96.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 25th. Investors of record on Wednesday, August 11th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, August 10th. This represents a $0.32 annualized dividend and a dividend yield of 0.46%. ArcBest’s dividend payout ratio (DPR) is presently 9.91%.
Several brokerages have weighed in on ARCB. Cowen boosted their price objective on ArcBest from $93.00 to $99.00 and gave the stock an “outperform” rating in a report on Tuesday, August 3rd. Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Friday, June 4th. Citigroup dropped their target price on shares of ArcBest from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, July 14th. Zacks Investment Research upgraded ArcBest from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Monday, May 31st. Finally, Morgan Stanley lifted their price target on shares of ArcBest from $90.00 to $96.00 and gave the stock an “overweight” rating in a research report on Thursday, May 27th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $80.91.
ArcBest Corp. is a logistics company which provides end-to-end supply chain services with a focus on innovation. It operates through the following business segments: Asset-Based, ArcBest and FleetNet. The Asset-Based segment includes national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed less-than-truckload services.
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