Thrivent Financial for Lutherans Sells 309 Shares of ArcBest Co. (NASDAQ:ARCB)

Posted by Defense World Staff on May 20th, 2023

Thrivent Financial for Lutherans lowered its holdings in shares of ArcBest Co. (NASDAQ:ARCB – Get Rating) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,094 shares of the transportation company’s stock after selling 309 shares during the quarter. Thrivent Financial for Lutherans owned 0.10% of ArcBest worth $1,758,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ARCB. Captrust Financial Advisors raised its position in ArcBest by 3.5% during the 2nd quarter. Captrust Financial Advisors now owns 3,976 shares of the transportation company’s stock valued at $280,000 after purchasing an additional 136 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in ArcBest by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 10,223 shares of the transportation company’s stock worth $716,000 after acquiring an additional 137 shares during the period. Royal Bank of Canada grew its holdings 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. Assenagon Asset Management S.A. increased its position in ArcBest by 0.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 20,026 shares of the transportation company’s stock valued at $1,403,000 after purchasing an additional 168 shares during the period. Finally, Horrell Capital Management Inc. raised its holdings in shares of ArcBest by 0.6% in the 4th quarter. Horrell Capital Management Inc. now owns 29,330 shares of the transportation company’s stock valued at $2,054,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 88.59% of the company’s stock.

Wall Street Analyst Weigh In

ARCB has been the subject of a number of recent research reports. Credit Suisse Group boosted their price objective on shares of ArcBest from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, February 6th. StockNews.com started coverage on ArcBest in a research note on Thursday. They set a “hold” rating for the company. Morgan Stanley cut their target price on ArcBest from $138.00 to $136.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 4th. Cowen increased their price target on shares of ArcBest from $124.00 to $127.00 in a research report on Monday, February 6th. Finally, Bank of America downgraded shares of ArcBest from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $101.00 to $91.00 in a research report on Monday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $116.25.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $86.21 on Friday. ArcBest Co. has a fifty-two week low of $65.88 and a fifty-two week high of $104.87. The company has a market cap of $2.06 billion, a PE ratio of 7.29 and a beta of 1.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.33 and a current ratio of 1.33. The business has a 50-day simple moving average of $90.54 and a two-hundred day simple moving average of $86.05.

ArcBest (NASDAQ:ARCB – Get Rating) last released its earnings results on Friday, April 28th. The transportation company reported $1.58 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.55). ArcBest had a return on equity of 27.05% and a net margin of 5.89%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $3.08 earnings per share. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, equities analysts expect that ArcBest Co. will post 8.67 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 24th. Stockholders of record on Wednesday, May 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Tuesday, May 9th. ArcBest’s dividend payout ratio (DPR) is presently 4.06%.

ArcBest Profile

(Get Rating)

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.