ArcBest Co. (NASDAQ:ARCB) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC decreased its position in shares of ArcBest Co. (NASDAQ:ARCB) by 26.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 114,388 shares of the transportation company’s stock after selling 41,986 shares during the quarter. Granite Investment Partners LLC’s holdings in ArcBest were worth $10,675,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Rockefeller Capital Management L.P. lifted its position in ArcBest by 41.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 163,168 shares of the transportation company’s stock valued at $15,227,000 after purchasing an additional 48,184 shares during the last quarter. Invesco Ltd. raised its holdings in shares of ArcBest by 29.3% during the fourth quarter. Invesco Ltd. now owns 136,375 shares of the transportation company’s stock valued at $12,727,000 after buying an additional 30,906 shares during the last quarter. Bank of Montreal Can boosted its position in shares of ArcBest by 9.1% during the fourth quarter. Bank of Montreal Can now owns 4,568 shares of the transportation company’s stock worth $426,000 after buying an additional 380 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of ArcBest by 18.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 37,597 shares of the transportation company’s stock worth $3,509,000 after buying an additional 5,835 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its holdings in ArcBest by 4.2% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 257,060 shares of the transportation company’s stock worth $23,989,000 after buying an additional 10,390 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley purchased 700 shares of the stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now owns 8,142 shares of the company’s stock, valued at $609,754.38. This represents a 9.41 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.28% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on ARCB shares. Stephens reiterated an “overweight” rating and set a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Stifel Nicolaus upped their price objective on shares of ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. UBS Group lowered their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Citigroup reduced their price target on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Finally, Morgan Stanley lowered their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $101.75.

ArcBest Stock Performance

ARCB opened at $62.32 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.44 billion, a PE ratio of 8.50, a P/E/G ratio of 1.70 and a beta of 1.62. The business has a fifty day simple moving average of $77.56 and a 200-day simple moving average of $94.45. ArcBest Co. has a fifty-two week low of $57.80 and a fifty-two week high of $151.54.

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

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest’s dividend payout ratio (DPR) is currently 6.55%.

ArcBest Company Profile

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.