Principal Financial Group Inc. Has $12.15 Million Holdings in ArcBest Co. (NASDAQ:ARCB)

Principal Financial Group Inc. decreased its holdings in ArcBest Co. (NASDAQ:ARCB) by 17.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 112,020 shares of the transportation company’s stock after selling 23,040 shares during the quarter. Principal Financial Group Inc.’s holdings in ArcBest were worth $12,149,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ProShare Advisors LLC lifted its holdings in shares of ArcBest by 7.1% during the first quarter. ProShare Advisors LLC now owns 4,957 shares of the transportation company’s stock worth $706,000 after purchasing an additional 330 shares during the period. State Board of Administration of Florida Retirement System grew its stake in ArcBest by 13.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 7,848 shares of the transportation company’s stock valued at $1,118,000 after acquiring an additional 960 shares during the period. PAX Financial Group LLC bought a new stake in ArcBest during the 1st quarter valued at $630,000. O Shaughnessy Asset Management LLC raised its holdings in shares of ArcBest by 19.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,231 shares of the transportation company’s stock worth $460,000 after acquiring an additional 529 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of ArcBest in the first quarter worth approximately $290,000. 99.27% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.65% of the stock is owned by insiders.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $108.39 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.54 billion, a PE ratio of 13.38, a PEG ratio of 2.03 and a beta of 1.47. The company’s fifty day moving average is $106.31 and its 200 day moving average is $108.64. ArcBest Co. has a 52 week low of $94.76 and a 52 week high of $153.60.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the firm posted $2.31 EPS. The company’s revenue was down 5.8% on a year-over-year basis. Research analysts anticipate that ArcBest Co. will post 6.19 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Wednesday, November 13th. ArcBest’s dividend payout ratio is 5.93%.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several analyst reports. UBS Group lowered their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Jefferies Financial Group dropped their price target on ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. The Goldman Sachs Group reduced their price objective on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of ArcBest in a report on Wednesday, September 4th. Finally, Wells Fargo & Company decreased their price target on shares of ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcBest currently has an average rating of “Hold” and an average price target of $124.50.

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.