Russell Investments Group Ltd. Lowers Holdings in ArcBest Corp (NASDAQ:ARCB)

Russell Investments Group Ltd. lowered its stake in shares of ArcBest Corp (NASDAQ:ARCB) by 14.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,136 shares of the transportation company’s stock after selling 8,427 shares during the quarter. Russell Investments Group Ltd. owned 0.20% of ArcBest worth $1,410,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Prudential Financial Inc. raised its position in shares of ArcBest by 15.1% during the 2nd quarter. Prudential Financial Inc. now owns 367,722 shares of the transportation company’s stock valued at $10,336,000 after buying an additional 48,240 shares in the last quarter. Schroder Investment Management Group raised its position in shares of ArcBest by 6,072.2% during the 2nd quarter. Schroder Investment Management Group now owns 111,100 shares of the transportation company’s stock valued at $3,123,000 after buying an additional 109,300 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of ArcBest by 5.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,395,213 shares of the transportation company’s stock valued at $37,545,000 after buying an additional 67,499 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of ArcBest during the 2nd quarter valued at $238,000. Finally, Swiss National Bank raised its position in shares of ArcBest by 1.5% during the 2nd quarter. Swiss National Bank now owns 47,600 shares of the transportation company’s stock valued at $1,338,000 after buying an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 93.45% of the company’s stock.

Shares of ARCB stock traded up $0.52 on Friday, hitting $30.69. 319,887 shares of the company’s stock traded hands, compared to its average volume of 180,159. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.38 and a current ratio of 1.38. ArcBest Corp has a one year low of $24.68 and a one year high of $50.34. The company’s fifty day simple moving average is $29.22 and its 200 day simple moving average is $29.33. The stock has a market capitalization of $777.86 million, a price-to-earnings ratio of 8.59 and a beta of 1.98.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, July 30th. The transportation company reported $0.93 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.03). ArcBest had a net margin of 2.77% and a return on equity of 13.11%. The business had revenue of $771.50 million for the quarter, compared to the consensus estimate of $779.07 million. During the same period in the prior year, the business posted $1.12 EPS. ArcBest’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts anticipate that ArcBest Corp will post 2.92 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Thursday, August 8th. ArcBest’s dividend payout ratio is currently 8.29%.

Several analysts have recently weighed in on the stock. Zacks Investment Research cut shares of ArcBest from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. TheStreet upgraded shares of ArcBest from a “c+” rating to a “b-” rating in a research report on Monday, September 9th. ValuEngine upgraded shares of ArcBest from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. SunTrust Banks set a $35.00 price objective on shares of ArcBest and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a “hold” rating in a research report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $35.13.

ArcBest Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. 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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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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