Envestnet Asset Management Inc. Purchases 757 Shares of ArcBest Co. (NASDAQ:ARCB)

Envestnet Asset Management Inc. increased its position in ArcBest Co. (NASDAQ:ARCBGet Rating) by 6.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,275 shares of the transportation company’s stock after acquiring an additional 757 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ArcBest were worth $934,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ARCB. Renaissance Technologies LLC lifted its position in ArcBest by 31.8% during the first quarter. Renaissance Technologies LLC now owns 357,739 shares of the transportation company’s stock valued at $28,798,000 after purchasing an additional 86,400 shares during the last quarter. Quantedge Capital Pte Ltd lifted its position in ArcBest by 1,034.2% during the first quarter. Quantedge Capital Pte Ltd now owns 86,200 shares of the transportation company’s stock valued at $6,939,000 after purchasing an additional 78,600 shares during the last quarter. State Street Corp lifted its position in ArcBest by 6.3% during the first quarter. State Street Corp now owns 1,067,783 shares of the transportation company’s stock valued at $85,957,000 after purchasing an additional 63,476 shares during the last quarter. Royce & Associates LP lifted its position in ArcBest by 49.8% during the first quarter. Royce & Associates LP now owns 170,889 shares of the transportation company’s stock valued at $13,757,000 after purchasing an additional 56,836 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in ArcBest by 2.1% during the first quarter. Vanguard Group Inc. now owns 2,714,834 shares of the transportation company’s stock valued at $218,544,000 after purchasing an additional 55,946 shares during the last quarter. 88.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on ARCB shares. Cowen dropped their target price on shares of ArcBest to $127.00 in a research report on Tuesday, August 9th. StockNews.com began coverage on shares of ArcBest in a research report on Wednesday, October 12th. They set a “buy” rating for the company. Stephens boosted their price objective on shares of ArcBest from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, August 1st. Credit Suisse Group boosted their price objective on shares of ArcBest from $87.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 2nd. Finally, Morgan Stanley lowered their price objective on shares of ArcBest from $140.00 to $139.00 and set an “overweight” rating for the company in a report on Wednesday, November 9th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $113.67.

Insider Buying and Selling at ArcBest

In other ArcBest news, insider Daniel E. Loe sold 7,555 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $81.14, for a total transaction of $613,012.70. Following the transaction, the insider now directly owns 26,615 shares of the company’s stock, valued at approximately $2,159,541.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.68% of the company’s stock.

ArcBest Stock Up 1.4 %

Shares of NASDAQ ARCB opened at $81.77 on Friday. 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 firm’s fifty day moving average is $76.83 and its 200 day moving average is $77.84. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 6.46, a PEG ratio of 0.33 and a beta of 1.56. ArcBest Co. has a 52 week low of $65.15 and a 52 week high of $125.00.

ArcBest (NASDAQ:ARCBGet Rating) last issued its quarterly earnings data on Tuesday, November 1st. The transportation company reported $3.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.72 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. ArcBest had a net margin of 6.20% and a return on equity of 35.11%. The company’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.59 EPS. On average, equities research analysts expect that ArcBest Co. will post 13.94 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 11th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Wednesday, November 9th. ArcBest’s payout ratio is currently 3.79%.

ArcBest Company Profile

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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.

See Also

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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