Amalgamated Bank Sells 195 Shares of ArcBest Co. (NASDAQ:ARCB)

Amalgamated Bank lessened its position in shares of ArcBest Co. (NASDAQ:ARCB) by 2.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,978 shares of the transportation company’s stock after selling 195 shares during the quarter. Amalgamated Bank’s holdings in ArcBest were worth $757,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP lifted its stake in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after acquiring an additional 134 shares during the last quarter. Innealta Capital LLC bought a new position in shares of ArcBest in the 2nd quarter worth $33,000. Quest Partners LLC purchased a new position in ArcBest during the 2nd quarter worth $36,000. Cultivar Capital Inc. purchased a new position in ArcBest during the 2nd quarter worth $43,000. Finally, Mather Group LLC. purchased a new position in ArcBest during the 2nd quarter worth $46,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on ARCB. Bank of America dropped their price target on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Morgan Stanley reduced their price target on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Jefferies Financial Group reduced their target price on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. 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 report on Wednesday, October 9th. Finally, Citigroup raised their price target on ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $124.50.

ArcBest Stock Down 2.8 %

ArcBest stock opened at $108.39 on Friday. The stock’s fifty day moving average is $106.31 and its two-hundred day moving average is $108.65. 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 Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The stock 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.

ArcBest (NASDAQ:ARCB) last posted its 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). The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.31 EPS. On average, sell-side analysts expect that ArcBest Co. will post 6.19 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date is Wednesday, November 13th. ArcBest’s dividend payout ratio (DPR) is presently 5.93%.

Insiders Place Their Bets

In related news, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now owns 5,051 shares in the company, valued at $609,150.60. This represents a 67.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.65% of the stock is currently owned by insiders.

ArcBest 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.