Bank of New York Mellon Corp Trims Stock Position in ArcBest Corporation (NASDAQ:ARCB)

Bank of New York Mellon Corp lessened its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 0.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,806 shares of the transportation company’s stock after selling 1,155 shares during the period. Bank of New York Mellon Corp owned about 0.83% of ArcBest worth $13,538,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Curat Global LLC purchased a new stake in shares of ArcBest during the first quarter valued at about $82,000. GAMMA Investing LLC boosted its stake in ArcBest by 185.3% in the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 932 shares in the last quarter. Cibc World Markets Corp acquired a new stake in ArcBest in the fourth quarter valued at approximately $206,000. Lido Advisors LLC purchased a new position in ArcBest in the fourth quarter worth $211,000. Finally, Elevation Point Wealth Partners LLC increased its position in shares of ArcBest by 33.3% during the first quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company’s stock worth $215,000 after purchasing an additional 762 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

Shares of ARCB stock opened at $78.54 on Friday. The firm’s 50-day moving average is $71.49 and its two-hundred day moving average is $76.31. ArcBest Corporation has a 12 month low of $55.19 and a 12 month high of $129.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $1.80 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 0.84 and a beta of 1.71.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The company had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. During the same period in the previous year, the company earned $1.34 EPS. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. Analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest’s dividend payout ratio (DPR) is currently 6.35%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ARCB shares. JPMorgan Chase & Co. raised their target price on ArcBest from $75.00 to $89.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Wells Fargo & Company lifted their target price on ArcBest from $60.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, July 7th. Wall Street Zen upgraded shares of ArcBest from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Truist Financial decreased their price objective on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Finally, Stifel Nicolaus cut their price objective on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ArcBest presently has an average rating of “Hold” and an average target price of $93.17.

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.