Cornercap Investment Counsel Inc. Cuts Holdings in ArcBest Co. (NASDAQ:ARCB)

Cornercap Investment Counsel Inc. lowered its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 59.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,222 shares of the transportation company’s stock after selling 3,265 shares during the period. Cornercap Investment Counsel Inc.’s holdings in ArcBest were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ARCB. Quarry LP raised its position in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares in the last quarter. Innealta Capital LLC bought a new position in shares of ArcBest during the 2nd quarter valued at about $33,000. Quest Partners LLC purchased a new position in shares of ArcBest during the 2nd quarter valued at about $36,000. Cultivar Capital Inc. bought a new stake in ArcBest in the 2nd quarter worth approximately $43,000. Finally, Mather Group LLC. purchased a new stake in ArcBest in the second quarter worth approximately $46,000. 99.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the completion of the transaction, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This trade represents a 67.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ARCB has been the topic of several recent research reports. UBS Group reduced their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company dropped their price objective on ArcBest from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Citigroup upped their price target on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Finally, Jefferies Financial Group decreased their price objective on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $124.50.

ArcBest Trading Down 0.1 %

Shares of ARCB opened at $108.25 on Tuesday. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $106.31 and its 200-day moving average price is $108.64. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 2.03 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. The business’s revenue was down 5.8% compared to the same quarter last year. Sell-side analysts anticipate that ArcBest Co. will post 6.19 EPS for the current year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.44%. ArcBest’s payout ratio is 5.93%.

ArcBest 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.