Aviva PLC raised its stake in shares of ArcBest Co. (NASDAQ:ARCB – Free Report) by 17.7% during the 1st quarter, Holdings Channel reports. The fund owned 15,183 shares of the transportation company’s stock after purchasing an additional 2,284 shares during the period. Aviva PLC’s holdings in ArcBest were worth $1,403,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UBS Group AG increased its position in shares of ArcBest by 713.1% during the fourth quarter. UBS Group AG now owns 70,536 shares of the transportation company’s stock worth $4,940,000 after purchasing an additional 61,861 shares in the last quarter. John G Ullman & Associates Inc. increased its holdings in shares of ArcBest by 14.2% during the first quarter. John G Ullman & Associates Inc. now owns 22,550 shares of the transportation company’s stock valued at $2,084,000 after acquiring an additional 2,800 shares in the last quarter. EMC Capital Management boosted its stake in ArcBest by 14.4% in the 4th quarter. EMC Capital Management now owns 2,951 shares of the transportation company’s stock worth $207,000 after purchasing an additional 371 shares in the last quarter. National Bank of Canada FI acquired a new position in ArcBest during the 1st quarter valued at approximately $55,000. Finally, Victory Capital Management Inc. lifted its stake in shares of ArcBest by 68.4% during the fourth quarter. Victory Capital Management Inc. now owns 44,460 shares of the transportation company’s stock worth $3,669,000 after buying an additional 18,051 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.
ArcBest Trading Down 3.0 %
ARCB stock opened at $100.98 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.14. ArcBest Co. has a 12-month low of $68.00 and a 12-month high of $122.86. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 10.67 and a beta of 1.58. The business’s 50-day moving average is $106.24 and its 200 day moving average is $96.34.
ArcBest Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.48%. ArcBest’s payout ratio is 5.07%.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. Wolfe Research raised ArcBest from a “peer perform” rating to an “outperform” rating and set a $132.00 price objective on the stock in a report on Monday, August 21st. Credit Suisse Group lowered shares of ArcBest from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $104.00 to $127.00 in a research note on Monday, July 31st. Morgan Stanley upped their price target on shares of ArcBest from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Monday, July 31st. StockNews.com assumed coverage on ArcBest in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Jefferies Financial Group started coverage on ArcBest in a report on Monday, June 12th. They issued a “buy” rating and a $110.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $123.33.
View Our Latest Stock Report on ArcBest
Insiders Place Their Bets
In other ArcBest news, SVP Michael E. Newcity sold 11,913 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $117.51, for a total value of $1,399,896.63. Following the completion of the sale, the senior vice president now directly owns 24,767 shares of the company’s stock, valued at approximately $2,910,370.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ArcBest news, SVP Michael E. Newcity sold 11,913 shares of ArcBest stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $117.51, for a total transaction of $1,399,896.63. Following the transaction, the senior vice president now directly owns 24,767 shares of the company’s stock, valued at $2,910,370.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Seth Runser sold 5,466 shares of ArcBest stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $115.07, for a total value of $628,972.62. Following the completion of the sale, the insider now owns 18,534 shares in the company, valued at approximately $2,132,707.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,922 shares of company stock valued at $5,778,701. Insiders own 1.65% of the company’s stock.
About ArcBest
ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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