Handelsbanken Fonder AB Has $813,000 Stock Position in ArcBest Co. (NASDAQ:ARCB)

Handelsbanken Fonder AB increased its stake in ArcBest Co. (NASDAQ:ARCB) by 50.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,500 shares of the transportation company’s stock after acquiring an additional 2,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in ArcBest were worth $813,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ARCB. Westwood Holdings Group Inc. lifted its stake in shares of ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after acquiring an additional 150,467 shares during the period. Marshall Wace LLP lifted its stake in shares of ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after acquiring an additional 117,774 shares during the period. Emerald Advisers LLC bought a new stake in ArcBest in the second quarter worth approximately $6,812,000. Mutual of America Capital Management LLC increased its holdings in ArcBest by 1,455.0% in the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock worth $6,789,000 after purchasing an additional 59,322 shares in the last quarter. Finally, Zimmer Partners LP bought a new stake in ArcBest in the first quarter worth approximately $7,838,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ARCB. The Goldman Sachs Group lowered their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday. Morgan Stanley lowered their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. Wells Fargo & Company downgraded ArcBest from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $122.00 to $112.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. lowered their target price on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Stifel Nicolaus lowered their target price on ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $129.33.

ArcBest Stock Up 4.3 %

ARCB stock opened at $105.95 on Friday. The stock’s fifty day simple moving average is $105.55 and its two-hundred day simple moving average is $114.61. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest Co. has a 1-year low of $86.93 and a 1-year high of $153.60. The stock has a market cap of $2.48 billion, a P/E ratio of 21.32, a P/E/G ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm posted $1.54 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts expect that ArcBest Co. will post 7.06 EPS for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.45%. ArcBest’s dividend payout ratio is presently 9.66%.

Insider Activity

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.65% of the company’s stock.

About ArcBest

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.