Invesco Ltd. Has $14.93 Million Position in ArcBest Co. (NASDAQ:ARCB)

Invesco Ltd. lessened its holdings in ArcBest Co. (NASDAQ:ARCB) by 15.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 256,520 shares of the transportation company’s stock after selling 47,775 shares during the period. Invesco Ltd. owned 1.00% of ArcBest worth $14,927,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Profund Advisors LLC lifted its stake in shares of ArcBest by 5.8% in the 2nd quarter. Profund Advisors LLC now owns 3,458 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 191 shares during the last quarter. Advisor Group Holdings Inc. lifted its position in ArcBest by 23.1% during the 2nd quarter. Advisor Group Holdings Inc. now owns 1,057 shares of the transportation company’s stock worth $62,000 after acquiring an additional 198 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in ArcBest by 6.4% during the 2nd quarter. Mutual of America Capital Management LLC now owns 3,609 shares of the transportation company’s stock worth $210,000 after acquiring an additional 217 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in ArcBest by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,396 shares of the transportation company’s stock worth $838,000 after acquiring an additional 281 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in ArcBest by 2.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 17,564 shares of the transportation company’s stock worth $1,022,000 after acquiring an additional 394 shares during the last quarter. 90.04% of the stock is owned by institutional investors and hedge funds.

In other news, insider Erin K. Gattis sold 5,265 shares of the company’s stock in a transaction that occurred on Thursday, November 11th. The shares were sold at an average price of $109.71, for a total transaction of $577,623.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

ARCB has been the subject of a number of research analyst reports. Truist Securities boosted their target price on shares of ArcBest from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 5th. Truist boosted their price objective on shares of ArcBest from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 5th. Cowen boosted their price objective on shares of ArcBest from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Thursday, September 30th. Stifel Nicolaus upped their target price on shares of ArcBest from $83.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, October 6th. Finally, Bank of America upped their target price on shares of ArcBest from $86.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, October 19th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, ArcBest presently has a consensus rating of “Buy” and an average target price of $95.92.

NASDAQ:ARCB opened at $109.85 on Thursday. ArcBest Co. has a 12 month low of $39.84 and a 12 month high of $116.79. The company’s 50-day moving average price is $92.32 and its two-hundred day moving average price is $75.47. The firm has a market cap of $2.81 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.32 and a beta of 1.64. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.18.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, November 2nd. The transportation company reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.12. ArcBest had a net margin of 4.76% and a return on equity of 19.85%. During the same quarter last year, the business earned $1.22 EPS. On average, research analysts expect that ArcBest Co. will post 7.67 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 26th. Stockholders of record on Friday, November 12th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, November 10th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.29%. ArcBest’s payout ratio is 4.99%.

ArcBest Profile

ArcBest Corp. is a logistics company which provides end-to-end supply chain services with a focus on innovation. It operates through the following business segments: Asset-Based, ArcBest and FleetNet. The Asset-Based segment includes national, inter-regional, and regional transportation of general commodities through standard, expedited, and guaranteed less-than-truckload services.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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