Lazard Asset Management LLC Raises Position in ArcBest Co. (NASDAQ:ARCB)

Lazard Asset Management LLC grew its holdings in shares of ArcBest Co. (NASDAQ:ARCBGet Rating) by 108.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,837 shares of the transportation company’s stock after purchasing an additional 954 shares during the period. Lazard Asset Management LLC’s holdings in ArcBest were worth $129,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hancock Whitney Corp raised its stake in ArcBest by 55.8% in the 2nd quarter. Hancock Whitney Corp now owns 12,442 shares of the transportation company’s stock worth $875,000 after acquiring an additional 4,454 shares during the last quarter. Watershed Asset Management L.L.C. raised its stake in ArcBest by 10.2% in the 2nd quarter. Watershed Asset Management L.L.C. now owns 3,574 shares of the transportation company’s stock worth $252,000 after acquiring an additional 332 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in ArcBest by 12.8% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 33,043 shares of the transportation company’s stock worth $2,325,000 after acquiring an additional 3,739 shares during the last quarter. GW Henssler & Associates Ltd. purchased a new position in ArcBest in the 2nd quarter worth $210,000. Finally, Aviva PLC raised its stake in ArcBest by 8.1% in the 2nd quarter. Aviva PLC now owns 27,966 shares of the transportation company’s stock worth $1,968,000 after acquiring an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Analyst Ratings Changes

ARCB has been the subject of a number of research analyst reports. Stifel Nicolaus reduced their target price on ArcBest from $143.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, August 2nd. Cowen cut their price target on ArcBest to $127.00 in a research report on Tuesday, August 9th. Stephens increased their price target on ArcBest from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, August 1st. StockNews.com assumed coverage on ArcBest in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Finally, Morgan Stanley cut their price target on ArcBest from $140.00 to $139.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 9th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest presently has a consensus rating of “Moderate Buy” and an average target price of $113.67.

ArcBest Price Performance

NASDAQ:ARCB opened at $81.53 on Tuesday. ArcBest Co. has a 52 week low of $65.15 and a 52 week high of $125.00. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.99 billion, a PE ratio of 6.45, a price-to-earnings-growth ratio of 0.33 and a beta of 1.56. The stock’s 50-day moving average price is $76.46 and its 200-day moving average price is $77.77.

ArcBest (NASDAQ:ARCBGet Rating) last posted its earnings results on Tuesday, November 1st. The transportation company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.72 by $0.08. ArcBest had a return on equity of 35.11% and a net margin of 6.20%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm earned $2.59 EPS. The company’s quarterly revenue was up 33.0% on a year-over-year basis. As a group, equities analysts expect that ArcBest Co. will post 13.94 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.59%. The ex-dividend date is Wednesday, November 9th. ArcBest’s payout ratio is 3.79%.

Insider Buying and Selling

In related news, CEO Judy R. Mcreynolds sold 25,000 shares of ArcBest stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $88.77, for a total value of $2,219,250.00. Following the sale, the chief executive officer now directly owns 55,060 shares in the company, valued at approximately $4,887,676.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other ArcBest news, CEO Judy R. Mcreynolds sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $88.77, for a total value of $2,219,250.00. Following the transaction, the chief executive officer now directly owns 55,060 shares of the company’s stock, valued at approximately $4,887,676.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel E. Loe sold 7,555 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $81.14, for a total transaction of $613,012.70. Following the completion of the transaction, the insider now directly owns 26,615 shares in the company, valued at $2,159,541.10. The disclosure for this sale can be found here. 1.68% of the stock is currently owned by insiders.

About ArcBest

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ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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