ArcBest Co. (NASDAQ:ARCB) Shares Sold by Putnam Investments LLC

Posted by Defense World Staff on Mar 14th, 2023

Putnam Investments LLC reduced its position in ArcBest Co. (NASDAQ:ARCB – Get Rating) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,651 shares of the transportation company’s stock after selling 249 shares during the period. Putnam Investments LLC owned approximately 0.06% of ArcBest worth $993,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ARCB. Wipfli Financial Advisors LLC acquired a new position in shares of ArcBest in the 3rd quarter valued at about $28,000. Bessemer Group Inc. lifted its position in ArcBest by 103.2% during the 3rd quarter. Bessemer Group Inc. now owns 689 shares of the transportation company’s stock worth $50,000 after acquiring an additional 350 shares in the last quarter. Ancora Advisors LLC acquired a new position in ArcBest during the 1st quarter worth approximately $56,000. Point72 Hong Kong Ltd acquired a new position in ArcBest during the 2nd quarter worth approximately $58,000. Finally, Royal Bank of Canada lifted its position in ArcBest by 14.0% during the 3rd quarter. Royal Bank of Canada now owns 1,297 shares of the transportation company’s stock worth $95,000 after acquiring an additional 159 shares in the last quarter. 88.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Cowen boosted their price target on ArcBest from $124.00 to $127.00 in a research report on Monday, February 6th. Credit Suisse Group boosted their price target on ArcBest from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, February 6th. Morgan Stanley reissued an “overweight” rating and set a $138.00 price target on shares of ArcBest in a research report on Monday, February 13th. StockNews.com lowered ArcBest from a “buy” rating to a “hold” rating in a research report on Monday, February 6th. Finally, Citigroup upped their target price on ArcBest from $90.00 to $116.00 and gave the company a “buy” rating in a research report on Thursday, March 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $117.38.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $93.54 on Tuesday. ArcBest Co. has a twelve month low of $65.15 and a twelve month high of $104.87. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 8.02 and a beta of 1.58. The business has a 50 day simple moving average of $89.70 and a 200-day simple moving average of $81.37.

ArcBest (NASDAQ:ARCB – Get Rating) last issued its quarterly earnings results on Friday, February 3rd. The transportation company reported $2.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.64 by ($0.19). ArcBest had a net margin of 5.60% and a return on equity of 32.17%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm posted $2.79 earnings per share. ArcBest’s revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts expect that ArcBest Co. will post 10.42 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Tuesday, February 14th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, February 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.51%. ArcBest’s dividend payout ratio (DPR) is 4.12%.

ArcBest Profile

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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.

Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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