ArcBest Corporation $ARCB Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lessened its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 99.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 448 shares of the transportation company’s stock after selling 49,422 shares during the quarter. Federated Hermes Inc.’s holdings in ArcBest were worth $31,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ARCB. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ArcBest in the second quarter valued at approximately $1,759,000. Partners Group Holding AG grew its holdings in ArcBest by 23.2% during the 2nd quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock valued at $11,357,000 after purchasing an additional 27,797 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in ArcBest during the 2nd quarter valued at $355,000. Impala Asset Management LLC purchased a new stake in ArcBest during the 2nd quarter worth $5,468,000. Finally, XTX Topco Ltd acquired a new position in ArcBest in the 2nd quarter worth $1,357,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ARCB. Jefferies Financial Group raised their target price on ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Wells Fargo & Company raised their price objective on ArcBest from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Sunday, February 1st. Zacks Research raised ArcBest from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Truist Financial increased their target price on ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Finally, TD Cowen reissued a “hold” rating on shares of ArcBest in a research report on Friday, January 9th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.00.

ArcBest Stock Performance

Shares of ARCB opened at $106.06 on Wednesday. The stock has a market capitalization of $2.39 billion, a PE ratio of 40.64, a price-to-earnings-growth ratio of 14.22 and a beta of 1.54. The business’s fifty day moving average price is $84.84 and its 200 day moving average price is $75.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.95 and a quick ratio of 0.98. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $112.92.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a return on equity of 6.51% and a net margin of 1.50%.The business had revenue of $972.69 million for the quarter, compared to analyst estimates of $963.74 million. During the same period last year, the company posted $1.33 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. ArcBest’s dividend payout ratio (DPR) is currently 18.39%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.