Aviva PLC Cuts Stake in ArcBest Co. (NASDAQ:ARCB)

Aviva PLC reduced its holdings in shares of ArcBest Co. (NASDAQ:ARCB – Get Rating) by 36.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,899 shares of the transportation company’s stock after selling 7,469 shares during the quarter. Aviva PLC’s holdings in ArcBest were worth $903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Captrust Financial Advisors lifted its holdings in shares of ArcBest by 3.5% during the second quarter. Captrust Financial Advisors now owns 3,976 shares of the transportation company’s stock valued at $280,000 after purchasing an additional 136 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of ArcBest by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 10,223 shares of the transportation company’s stock valued at $716,000 after purchasing an additional 137 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of ArcBest by 14.0% during the third quarter. Royal Bank of Canada now owns 1,297 shares of the transportation company’s stock valued at $95,000 after purchasing an additional 159 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of ArcBest by 0.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 20,026 shares of the transportation company’s stock valued at $1,403,000 after purchasing an additional 168 shares in the last quarter. Finally, Horrell Capital Management Inc. lifted its holdings in shares of ArcBest by 0.6% during the fourth quarter. Horrell Capital Management Inc. now owns 29,330 shares of the transportation company’s stock valued at $2,054,000 after purchasing an additional 185 shares in the last quarter. 88.59% of the stock is owned by institutional investors.

ArcBest Stock Performance

Shares of ARCB opened at $86.21 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $90.54 and a two-hundred day simple moving average of $86.18. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 7.29 and a beta of 1.56. ArcBest Co. has a 52 week low of $65.88 and a 52 week high of $104.87.

ArcBest (NASDAQ:ARCB – Get Rating) last issued its quarterly earnings results on Friday, April 28th. The transportation company reported $1.58 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.55). The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.16 billion. ArcBest had a return on equity of 27.05% and a net margin of 5.89%. The business’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.08 EPS. On average, analysts expect that ArcBest Co. will post 8.67 EPS for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 24th. Investors of record on Wednesday, May 10th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Tuesday, May 9th. ArcBest’s dividend payout ratio is currently 4.06%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ARCB shares. Cowen upped their price target on ArcBest from $124.00 to $127.00 in a report on Monday, February 6th. Morgan Stanley lowered their target price on ArcBest from $138.00 to $136.00 and set an “overweight” rating on the stock in a report on Tuesday, April 4th. Stifel Nicolaus lowered their target price on ArcBest from $114.00 to $113.00 in a report on Monday, May 1st. Credit Suisse Group increased their target price on ArcBest from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, February 6th. Finally, Bank of America downgraded ArcBest from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $101.00 to $91.00 in a report on Monday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $116.25.

ArcBest Company 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.