Cornercap Investment Counsel Inc. Has $241,000 Holdings in ArcBest Co. (NASDAQ:ARCB)

Cornercap Investment Counsel Inc. trimmed its position in shares of ArcBest Co. (NASDAQ:ARCB) by 59.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,222 shares of the transportation company’s stock after selling 3,265 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in ArcBest were worth $241,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Westwood Holdings Group Inc. raised its position in ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after buying an additional 150,467 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of ArcBest by 4.0% in the second quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after purchasing an additional 20,115 shares during the last quarter. Marshall Wace LLP lifted its position in shares of ArcBest by 158.7% during the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after purchasing an additional 117,774 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in ArcBest by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock worth $16,141,000 after purchasing an additional 1,214 shares during the last quarter. Finally, FAS Wealth Partners Inc. grew its position in ArcBest by 86.3% in the 2nd quarter. FAS Wealth Partners Inc. now owns 80,050 shares of the transportation company’s stock worth $8,572,000 after purchasing an additional 37,073 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on ARCB. Bank of America dropped their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research report on Wednesday, September 4th. Wells Fargo & Company reduced their price objective on ArcBest from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. The Goldman Sachs Group lowered their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, UBS Group reduced their price target on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $124.50.

ArcBest Stock Down 0.1 %

ArcBest stock opened at $108.25 on Tuesday. The firm has a 50 day simple moving average of $106.31 and a 200 day simple moving average of $108.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 2.03 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm posted $2.31 earnings per share. The business’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, analysts predict that ArcBest Co. will post 6.19 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Wednesday, November 13th. ArcBest’s payout ratio is 5.93%.

Insider Activity

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

ArcBest 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.