Versor Investments LP Sells 738 Shares of ArcBest Co. (NASDAQ:ARCB)

Versor Investments LP reduced its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 17.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,434 shares of the transportation company’s stock after selling 738 shares during the period. Versor Investments LP’s holdings in ArcBest were worth $372,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ARCB. Quarry LP raised its position in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of ArcBest during the 2nd quarter valued at about $33,000. Quest Partners LLC bought a new stake in ArcBest in the 2nd quarter worth approximately $36,000. Cultivar Capital Inc. purchased a new stake in ArcBest in the second quarter worth approximately $43,000. Finally, Mather Group LLC. purchased a new stake in ArcBest in the second quarter worth approximately $46,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction that occurred on 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 sale, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 1.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Bank of America lowered their price objective on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a research note on Wednesday, September 4th. TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and reduced their price objective for the company from $131.00 to $114.00 in a research note on Monday, October 14th. Morgan Stanley decreased their price objective on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, UBS Group dropped their target price on ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.50.

ArcBest Price Performance

Shares of ArcBest stock opened at $108.39 on Friday. The company has a market cap of $2.54 billion, a PE ratio of 13.38, a P/E/G ratio of 2.84 and a beta of 1.47. The business has a 50 day moving average of $106.31 and a 200 day moving average of $108.65. ArcBest Co. has a 52 week low of $94.76 and a 52 week high of $153.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09.

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

ArcBest Dividend Announcement

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

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.