Everence Capital Management Inc. Sells 2,420 Shares of ArcBest Co. (NASDAQ:ARCB)

Everence Capital Management Inc. reduced its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 35.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,470 shares of the transportation company’s stock after selling 2,420 shares during the quarter. Everence Capital Management Inc.’s holdings in ArcBest were worth $417,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Quarry LP lifted its position in ArcBest by 120.7% in 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 during the last quarter. Quest Partners LLC bought a new stake in ArcBest during the 2nd quarter valued at $36,000. GAMMA Investing LLC boosted its position in ArcBest by 63.7% during the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after buying an additional 200 shares during the period. Avior Wealth Management LLC boosted its position in ArcBest by 17.9% during the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock valued at $68,000 after buying an additional 95 shares during the period. Finally, KBC Group NV grew its holdings in ArcBest by 36.8% in the 3rd quarter. KBC Group NV now owns 851 shares of the transportation company’s stock worth $92,000 after acquiring an additional 229 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

ARCB opened at $94.14 on Monday. ArcBest Co. has a 1 year low of $91.01 and a 1 year high of $153.60. The stock has a 50-day moving average price of $105.95 and a 200-day moving average price of $107.32. The firm has a market cap of $2.20 billion, a PE ratio of 11.62, a P/E/G ratio of 2.56 and a beta of 1.53. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 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 firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the company earned $2.31 EPS. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. Sell-side analysts predict that ArcBest Co. will post 6.06 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Wednesday, November 13th. ArcBest’s dividend payout ratio is currently 5.93%.

Insider Activity

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the transaction, the senior vice president now owns 5,051 shares in the company, valued at approximately $609,150.60. This represents a 67.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the sale, the director now owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This represents a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ARCB. Stifel Nicolaus dropped their target price on shares of ArcBest from $131.00 to $119.00 and set a “buy” rating for the company in a report on Monday, October 21st. Morgan Stanley reduced their target price on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group dropped their price target on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, UBS Group cut their target price on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $124.50.

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.