Renaissance Technologies LLC Sells 35,700 Shares of ArcBest Corporation $ARCB

Renaissance Technologies LLC cut its holdings in ArcBest Corporation (NASDAQ:ARCB) by 93.4% during the first quarter, Holdings Channel.com reports. The fund owned 2,535 shares of the transportation company’s stock after selling 35,700 shares during the period. Renaissance Technologies LLC’s holdings in ArcBest were worth $249,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of ArcBest by 129.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 32,852 shares of the transportation company’s stock valued at $3,231,000 after purchasing an additional 18,507 shares during the period. Sei Investments Co. lifted its holdings in ArcBest by 102.7% during the first quarter. Sei Investments Co. now owns 53,687 shares of the transportation company’s stock worth $5,281,000 after acquiring an additional 27,205 shares in the last quarter. Walleye Capital LLC bought a new position in shares of ArcBest during the 1st quarter valued at about $2,579,000. Cetera Investment Advisers lifted its stake in ArcBest by 33.7% in the first quarter. Cetera Investment Advisers now owns 4,500 shares of the transportation company’s stock valued at $443,000 after buying an additional 1,135 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of ArcBest by 1.6% during the first quarter. First Trust Advisors LP now owns 57,820 shares of the transportation company’s stock worth $5,687,000 after acquiring an additional 892 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ARCB shares. JPMorgan Chase & Co. lifted their price target on ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Citizens Jmp assumed coverage on ArcBest in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price objective for the company. TD Cowen decreased their price objective on ArcBest from $175.00 to $155.00 and set a “hold” rating for the company in a report on Thursday, July 30th. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. Finally, Bank of America boosted their target price on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, ArcBest presently has a consensus rating of “Moderate Buy” and an average target price of $154.23.

Insider Buying and Selling at ArcBest

In related news, insider Erin K. Gattis sold 6,163 shares of ArcBest stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the sale, the insider directly owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. The trade was a 20.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Judy R. Mcreynolds sold 2,857 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the transaction, the director owned 50,048 shares of the company’s stock, valued at $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,963 shares of company stock valued at $1,678,066 over the last ninety days. Insiders own 0.98% of the company’s stock.

ArcBest Stock Down 0.8%

Shares of ARCB stock opened at $137.74 on Thursday. ArcBest Corporation has a 52-week low of $59.43 and a 52-week high of $176.69. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 199.62, a PEG ratio of 0.45 and a beta of 1.57. The firm’s 50-day moving average is $147.59 and its 200-day moving average is $124.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.12. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.36 EPS. Sell-side analysts predict that ArcBest Corporation will post 6.9 EPS for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 7th. ArcBest’s payout ratio is 69.57%.

ArcBest 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.