Intech Investment Management LLC Purchases 5,161 Shares of ArcBest Co. (NASDAQ:ARCB)

Intech Investment Management LLC lifted its position in shares of ArcBest Co. (NASDAQ:ARCB) by 92.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,753 shares of the transportation company’s stock after acquiring an additional 5,161 shares during the period. Intech Investment Management LLC’s holdings in ArcBest were worth $1,166,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ARCB. Quarry LP raised its stake in shares of ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after purchasing an additional 134 shares during the last quarter. Innealta Capital LLC bought a new stake in ArcBest in the 2nd quarter worth about $33,000. Quest Partners LLC purchased a new position in ArcBest in the 2nd quarter worth about $36,000. Cultivar Capital Inc. bought a new position in ArcBest during the 2nd quarter valued at about $43,000. Finally, Mather Group LLC. purchased a new stake in shares of ArcBest during the 2nd quarter valued at about $46,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Price Performance

NASDAQ ARCB opened at $113.05 on Wednesday. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 2.06 and a beta of 1.47. ArcBest Co. has a 12 month low of $94.76 and a 12 month high of $153.60. The company’s 50 day moving average is $107.27 and its two-hundred day moving average is $108.37. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09.

ArcBest (NASDAQ:ARCB) last issued 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 firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The company’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.31 EPS. As a group, research analysts anticipate that ArcBest Co. will post 6.19 earnings per share for the current year.

ArcBest Announces Dividend

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

Analysts Set New Price Targets

ARCB has been the subject of several research reports. Morgan Stanley decreased their price objective on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a report on Monday, November 4th. The Goldman Sachs Group lowered their price target on ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. 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. TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and reduced their price objective for the company from $131.00 to $114.00 in a research report on Monday, October 14th. Finally, UBS Group dropped their target price on ArcBest from $111.00 to $110.00 and set a “neutral” 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus price target of $124.50.

Insider Buying and Selling

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction on Wednesday, November 6th. The shares were 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 directly owns 5,051 shares in the company, valued at approximately $609,150.60. The trade was a 67.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Craig E. Philip sold 3,900 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $109.91, for a total transaction of $428,649.00. Following the transaction, the director now directly owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This trade represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. 1.65% of the stock is 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.