Macquarie Group Ltd. Sells 286 Shares of ArcBest Co. (NASDAQ:ARCB)

Macquarie Group Ltd. decreased its position in shares of ArcBest Co. (NASDAQ:ARCB – Get Rating) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,300 shares of the transportation company’s stock after selling 286 shares during the quarter. Macquarie Group Ltd. owned approximately 0.11% of ArcBest worth $2,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ARCB. JPMorgan Chase & Co. grew its position in shares of ArcBest by 40.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 453,651 shares of the transportation company’s stock worth $31,923,000 after buying an additional 131,550 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of ArcBest by 31.8% during the 1st quarter. Renaissance Technologies LLC now owns 357,739 shares of the transportation company’s stock worth $28,798,000 after buying an additional 86,400 shares in the last quarter. Quantedge Capital Pte Ltd grew its position in shares of ArcBest by 1,034.2% during the 1st quarter. Quantedge Capital Pte Ltd now owns 86,200 shares of the transportation company’s stock worth $6,939,000 after buying an additional 78,600 shares in the last quarter. State Street Corp grew its position in shares of ArcBest by 6.3% during the 1st quarter. State Street Corp now owns 1,067,783 shares of the transportation company’s stock worth $85,957,000 after buying an additional 63,476 shares in the last quarter. Finally, Brandywine Global Investment Management LLC bought a new stake in ArcBest during the second quarter valued at about $4,341,000. Institutional investors own 88.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. StockNews.com downgraded ArcBest from a “buy” rating to a “hold” rating in a research report on Monday, February 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $138.00 price objective on shares of ArcBest in a research report on Monday, February 13th. Cowen raised their price objective on ArcBest from $124.00 to $127.00 in a research report on Monday, February 6th. Credit Suisse Group raised their price objective on ArcBest from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, February 6th. Finally, Citigroup raised their price target on ArcBest from $90.00 to $116.00 and gave the stock a “buy” rating in a report on Thursday, March 2nd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $117.38.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $96.57 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.29 and a current ratio of 1.29. ArcBest Co. has a fifty-two week low of $65.15 and a fifty-two week high of $104.87. The company has a market cap of $2.34 billion, a PE ratio of 8.28 and a beta of 1.58. The business has a 50-day simple moving average of $89.23 and a two-hundred day simple moving average of $81.45.

ArcBest (NASDAQ:ARCB – Get Rating) last released its earnings results on Friday, February 3rd. The transportation company reported $2.45 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($0.19). ArcBest had a return on equity of 32.17% and a net margin of 5.60%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the firm earned $2.79 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, equities analysts expect that ArcBest Co. will post 10.42 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Shareholders of record on Tuesday, February 14th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, February 13th. ArcBest’s payout ratio is presently 4.12%.

About ArcBest

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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.