ArcBest Corp (NASDAQ:ARCB) Stake Lessened by American International Group Inc.

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American International Group Inc. lessened its stake in ArcBest Corp (NASDAQ:ARCB) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,386 shares of the transportation company’s stock after selling 542 shares during the quarter. American International Group Inc.’s holdings in ArcBest were worth $597,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of ARCB. Systematic Financial Management LP lifted its position in ArcBest by 14.9% in the 1st quarter. Systematic Financial Management LP now owns 44,702 shares of the transportation company’s stock worth $1,376,000 after buying an additional 5,800 shares in the last quarter. Victory Capital Management Inc. lifted its position in ArcBest by 30.5% in the 1st quarter. Victory Capital Management Inc. now owns 6,915 shares of the transportation company’s stock worth $213,000 after buying an additional 1,615 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in ArcBest by 4.5% in the 1st quarter. Wedge Capital Management L L P NC now owns 13,937 shares of the transportation company’s stock worth $429,000 after buying an additional 603 shares in the last quarter. Texas Permanent School Fund lifted its position in ArcBest by 3.3% in the 1st quarter. Texas Permanent School Fund now owns 17,362 shares of the transportation company’s stock worth $535,000 after buying an additional 551 shares in the last quarter. Finally, Comerica Bank lifted its position in ArcBest by 2.5% in the 1st quarter. Comerica Bank now owns 25,682 shares of the transportation company’s stock worth $850,000 after buying an additional 633 shares in the last quarter. Institutional investors and hedge funds own 99.08% of the company’s stock.

Shares of ARCB opened at $26.54 on Wednesday. ArcBest Corp has a 12 month low of $24.68 and a 12 month high of $51.45. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.39. The firm has a market cap of $652.89 million, a PE ratio of 6.88 and a beta of 2.09.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Thursday, May 2nd. The transportation company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.13). ArcBest had a net margin of 2.00% and a return on equity of 14.19%. The firm had revenue of $711.84 million during the quarter, compared to analyst estimates of $724.33 million. During the same quarter in the previous year, the business posted $0.29 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that ArcBest Corp will post 3.38 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 28th. Investors of record on Tuesday, May 14th were paid a $0.08 dividend. The ex-dividend date was Monday, May 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.21%. ArcBest’s payout ratio is presently 8.29%.

Several research analysts have recently commented on the stock. BidaskClub lowered shares of ArcBest from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 22nd. Zacks Investment Research lowered shares of ArcBest from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. ValuEngine lowered shares of ArcBest from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 7th. Seaport Global Securities restated a “neutral” rating on shares of ArcBest in a research note on Friday, April 5th. Finally, Loop Capital increased their price target on shares of ArcBest to $34.00 and gave the stock a “hold” rating in a research note on Monday, May 6th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. ArcBest presently has a consensus rating of “Hold” and a consensus price target of $40.89.

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ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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