CIBC Private Wealth Group LLC Lowers Stock Holdings in ArcBest Co. (NASDAQ:ARCB)

CIBC Private Wealth Group LLC reduced its stake in ArcBest Co. (NASDAQ:ARCB) by 26.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,616 shares of the transportation company’s stock after selling 958 shares during the period. CIBC Private Wealth Group LLC’s holdings in ArcBest were worth $248,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Blue Trust Inc. raised its holdings in shares of ArcBest by 146.3% in the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after acquiring an additional 177 shares in the last quarter. R Squared Ltd purchased a new position in ArcBest during the 4th quarter valued at about $40,000. Smartleaf Asset Management LLC raised its holdings in shares of ArcBest by 471.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 453 shares in the last quarter. KBC Group NV lifted its position in shares of ArcBest by 34.9% in the 4th quarter. KBC Group NV now owns 1,148 shares of the transportation company’s stock worth $107,000 after purchasing an additional 297 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of ArcBest during the fourth quarter valued at approximately $206,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley purchased 700 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the purchase, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. This trade represents a 9.41 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.28% of the company’s stock.

ArcBest Stock Down 1.0 %

ARCB stock opened at $63.63 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest Co. has a 52 week low of $57.80 and a 52 week high of $153.61. The stock has a market capitalization of $1.47 billion, a P/E ratio of 8.68, a P/E/G ratio of 1.70 and a beta of 1.55. The firm has a 50-day simple moving average of $81.99 and a 200-day simple moving average of $96.57.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period last year, the business posted $2.47 EPS. Equities analysts forecast that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were issued a $0.12 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.48 annualized dividend and a yield of 0.75%. ArcBest’s payout ratio is 6.55%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ARCB. Truist Financial began coverage on ArcBest in a report on Thursday, March 13th. They set a “buy” rating and a $93.00 target price for the company. Stifel Nicolaus upped their price objective on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. The Goldman Sachs Group cut their target price on ArcBest from $126.00 to $108.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Morgan Stanley decreased their price target on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Wells Fargo & Company cut their price objective on shares of ArcBest from $96.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $107.00.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.