JPMorgan Chase & Co. Sells 11,799 Shares of ArcBest Corporation $ARCB

JPMorgan Chase & Co. lowered its stake in ArcBest Corporation (NASDAQ:ARCB) by 6.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 172,677 shares of the transportation company’s stock after selling 11,799 shares during the period. JPMorgan Chase & Co.’s holdings in ArcBest were worth $12,065,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Ameriprise Financial Inc. grew its position in ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after acquiring an additional 300,642 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of ArcBest during the second quarter valued at approximately $12,657,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of ArcBest by 215.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the last quarter. Impala Asset Management LLC purchased a new position in shares of ArcBest in the second quarter worth $5,468,000. Finally, Allianz Asset Management GmbH raised its holdings in ArcBest by 177.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 89,136 shares of the transportation company’s stock valued at $6,228,000 after buying an additional 56,989 shares during the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating and set a $100.00 price target on shares of ArcBest in a research report on Saturday, January 31st. Stephens set a $85.00 target price on ArcBest in a research note on Tuesday, January 6th. UBS Group reaffirmed a “neutral” rating and set a $98.00 price target on shares of ArcBest in a research report on Wednesday, February 4th. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. upped their target price on ArcBest from $76.00 to $81.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, ArcBest has an average rating of “Hold” and an average price target of $97.00.

ArcBest Stock Down 5.0%

Shares of ArcBest stock opened at $99.71 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day moving average of $94.29 and a 200 day moving average of $79.24. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 0.75 and a beta of 1.48. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $112.92.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. During the same quarter in the prior year, the company posted $1.33 EPS. ArcBest’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, February 10th. ArcBest’s dividend payout ratio (DPR) is 18.39%.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.