Amalgamated Bank Sells 275 Shares of ArcBest Co. (NASDAQ:ARCB)

Amalgamated Bank trimmed its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 3.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,173 shares of the transportation company’s stock after selling 275 shares during the period. Amalgamated Bank’s holdings in ArcBest were worth $768,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ARCB. Mutual of America Capital Management LLC boosted its holdings in ArcBest by 1,455.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after acquiring an additional 59,322 shares during the period. Federated Hermes Inc. lifted its position in ArcBest by 3.1% in the second quarter. Federated Hermes Inc. now owns 10,929 shares of the transportation company’s stock valued at $1,170,000 after purchasing an additional 330 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of ArcBest by 121.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 3,554 shares of the transportation company’s stock valued at $373,000 after purchasing an additional 1,950 shares during the period. BOKF NA grew its holdings in shares of ArcBest by 157.5% in the second quarter. BOKF NA now owns 6,536 shares of the transportation company’s stock worth $700,000 after purchasing an additional 3,998 shares during the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in shares of ArcBest by 6.5% in the second quarter. Johnson Investment Counsel Inc. now owns 2,095 shares of the transportation company’s stock worth $224,000 after buying an additional 128 shares during the period. 99.27% of the stock is owned by institutional investors.

Insider Buying and Selling at ArcBest

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the purchase, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.65% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ARCB shares. StockNews.com cut shares of ArcBest from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Bank of America reduced their price target on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. Wells Fargo & Company cut ArcBest from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $122.00 to $112.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley cut their price objective on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $133.18.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $109.30 on Friday. The firm’s 50-day moving average price is $108.88 and its 200-day moving average price is $116.78. ArcBest Co. has a 52-week low of $86.93 and a 52-week high of $153.60. The company has a market cap of $2.56 billion, a PE ratio of 21.99, a PEG ratio of 1.37 and a beta of 1.46. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.54 EPS. As a group, analysts anticipate that ArcBest Co. will post 7.21 EPS for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Tuesday, August 13th. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

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.