ArcBest Co. (NASDAQ:ARCB) Stock Position Lessened by Putnam Investments LLC

Putnam Investments LLC decreased its holdings in ArcBest Co. (NASDAQ:ARCB – Get Rating) by 1.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,651 shares of the transportation company’s stock after selling 249 shares during the quarter. Putnam Investments LLC’s holdings in ArcBest were worth $993,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of ArcBest in the third quarter worth $524,000. Martingale Asset Management L P grew its stake in shares of ArcBest by 235.1% in the third quarter. Martingale Asset Management L P now owns 29,144 shares of the transportation company’s stock worth $2,121,000 after purchasing an additional 20,447 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of ArcBest by 0.7% in the third quarter. Federated Hermes Inc. now owns 27,677 shares of the transportation company’s stock worth $2,013,000 after purchasing an additional 193 shares in the last quarter. First Trust Advisors LP grew its stake in shares of ArcBest by 18.3% in the third quarter. First Trust Advisors LP now owns 55,709 shares of the transportation company’s stock worth $4,052,000 after purchasing an additional 8,623 shares in the last quarter. Finally, Financial Advocates Investment Management bought a new position in shares of ArcBest in the third quarter worth $278,000. Institutional investors own 88.59% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Citigroup upped their price objective on ArcBest from $90.00 to $116.00 and gave the company a “buy” rating in a report on Thursday, March 2nd. Cowen upped their price objective on ArcBest from $124.00 to $127.00 in a report on Monday, February 6th. StockNews.com lowered ArcBest from a “buy” rating to a “hold” rating in a report on Monday, February 6th. Morgan Stanley restated an “overweight” rating and issued a $138.00 price objective on shares of ArcBest in a report on Monday, February 13th. Finally, Credit Suisse Group upped their price objective on ArcBest from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, February 6th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, ArcBest presently has an average rating of “Moderate Buy” and a consensus target price of $117.38.

ArcBest Trading Down 3.1 %

Shares of NASDAQ ARCB opened at $93.54 on Tuesday. ArcBest Co. has a 12 month low of $65.15 and a 12 month high of $104.87. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 8.02 and a beta of 1.58. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.17. The business has a fifty day simple moving average of $89.70 and a 200-day simple moving average of $81.37.

ArcBest (NASDAQ:ARCB – Get Rating) last posted its quarterly earnings results on Friday, February 3rd. The transportation company reported $2.45 earnings per share for the quarter, missing the consensus estimate of $2.64 by ($0.19). The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. ArcBest had a net margin of 5.60% and a return on equity of 32.17%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.79 earnings per share. Sell-side analysts predict that ArcBest Co. will post 10.42 EPS for the current year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Tuesday, February 14th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Monday, February 13th. ArcBest’s payout ratio is 4.12%.

ArcBest Profile

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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.