Intech Investment Management LLC Grows Position in ArcBest Co. (NASDAQ:ARCB)

Intech Investment Management LLC lifted its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 92.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,753 shares of the transportation company’s stock after purchasing an additional 5,161 shares during the quarter. Intech Investment Management LLC’s holdings in ArcBest were worth $1,166,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of ArcBest by 54.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after buying an additional 7,291 shares during the last quarter. Kennedy Capital Management LLC increased its stake in ArcBest by 235.3% in the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock valued at $4,771,000 after acquiring an additional 23,497 shares during the last quarter. Impala Asset Management LLC purchased a new stake in ArcBest during the second quarter valued at about $2,409,000. Point72 DIFC Ltd bought a new stake in ArcBest during the second quarter worth about $641,000. Finally, Semanteon Capital Management LP purchased a new position in shares of ArcBest in the 3rd quarter worth about $1,178,000. 99.27% of the stock is currently owned by institutional investors.

ArcBest Stock Performance

NASDAQ:ARCB opened at $113.05 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm’s fifty day simple moving average is $107.27 and its 200 day simple moving average is $108.37. The stock has a market cap of $2.65 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 2.06 and a beta of 1.47. ArcBest Co. has a twelve month low of $94.76 and a twelve month high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) 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 company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. ArcBest’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, research analysts predict that ArcBest Co. will post 6.19 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Wednesday, November 13th. ArcBest’s payout ratio is presently 5.93%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group dropped their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Stifel Nicolaus cut their price objective on shares of ArcBest from $131.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Citigroup upped their price target on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $124.50.

Insider Activity at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of the business’s 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 sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Craig E. Philip sold 3,900 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $109.91, for a total transaction of $428,649.00. Following the transaction, the director now directly owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by corporate insiders.

About ArcBest

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.