Harbor Capital Advisors Inc. Cuts Stock Position in ArcBest Corporation $ARCB

Harbor Capital Advisors Inc. lessened its stake in ArcBest Corporation (NASDAQ:ARCB) by 12.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,334 shares of the transportation company’s stock after selling 758 shares during the period. Harbor Capital Advisors Inc.’s holdings in ArcBest were worth $411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ARCB. Signaturefd LLC grew its stake in ArcBest by 477.6% in the first quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 320 shares during the last quarter. CWM LLC grew its stake in ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 349 shares during the last quarter. Curat Global LLC purchased a new position in ArcBest in the first quarter valued at about $82,000. GAMMA Investing LLC grew its stake in shares of ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock worth $101,000 after acquiring an additional 932 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of ArcBest during the first quarter worth about $143,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ARCB shares. Zacks Research upgraded ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Stifel Nicolaus dropped their price target on ArcBest from $93.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday, July 31st. Citigroup dropped their price target on ArcBest from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 10th. Wells Fargo & Company dropped their price target on ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 31st. Finally, UBS Group dropped their price target on ArcBest from $84.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, July 31st. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ArcBest currently has an average rating of “Hold” and a consensus target price of $89.17.

ArcBest Stock Performance

Shares of ARCB opened at $69.82 on Friday. The stock has a 50-day simple moving average of $74.82 and a 200-day simple moving average of $70.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.59 billion, a PE ratio of 10.39, a PEG ratio of 1.26 and a beta of 1.69. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $123.25.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.98 EPS. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, analysts predict that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.7%. ArcBest’s payout ratio is 7.14%.

ArcBest Company 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.