Pathstone Holdings LLC Raises Position in ArcBest Co. (NASDAQ:ARCB)

Pathstone Holdings LLC grew its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 14.4% during the third quarter, HoldingsChannel reports. The firm owned 20,439 shares of the transportation company’s stock after purchasing an additional 2,574 shares during the quarter. Pathstone Holdings LLC’s holdings in ArcBest were worth $2,217,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Quarry LP raised its position in shares of ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after buying an additional 134 shares during the period. Innealta Capital LLC purchased a new position in shares of ArcBest in the 2nd quarter worth $33,000. Quest Partners LLC purchased a new position in shares of ArcBest in the 2nd quarter worth $36,000. Cultivar Capital Inc. purchased a new position in shares of ArcBest in the 2nd quarter worth $43,000. Finally, Mather Group LLC. purchased a new position in shares of ArcBest in the 2nd quarter worth $46,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Stock Up 0.4 %

Shares of ArcBest stock opened at $113.05 on Wednesday. The business has a 50-day moving average of $107.27 and a 200-day moving average of $108.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $2.65 billion, a PE ratio of 13.73, a P/E/G ratio of 2.06 and a beta of 1.47. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20). The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The firm’s revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.31 earnings per share. As a group, equities analysts forecast that ArcBest Co. will post 6.19 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.42%. ArcBest’s dividend payout ratio (DPR) is 5.93%.

Insider Buying and Selling

In related news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 5,051 shares in the company, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the transaction, the director now owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This trade represents a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Bank of America cut their target price on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Morgan Stanley cut their price objective on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of ArcBest in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company cut their price objective on ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $124.50.

ArcBest Company 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.