Wedge Capital Management L L P NC Decreases Holdings in ArcBest Corp (ARCB)

Wedge Capital Management L L P NC cut its stake in shares of ArcBest Corp (NASDAQ:ARCB) by 66.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,178 shares of the transportation company’s stock after selling 30,710 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of ArcBest worth $737,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. USA Financial Portformulas Corp bought a new position in shares of ArcBest during the 3rd quarter valued at about $373,000. James Investment Research Inc. lifted its holdings in shares of ArcBest by 156.0% in the 3rd quarter. James Investment Research Inc. now owns 74,710 shares of the transportation company’s stock valued at $3,627,000 after acquiring an additional 45,525 shares during the last quarter. Alps Advisors Inc. lifted its holdings in shares of ArcBest by 46.5% in the 3rd quarter. Alps Advisors Inc. now owns 26,060 shares of the transportation company’s stock valued at $1,265,000 after acquiring an additional 8,274 shares during the last quarter. First Quadrant L P CA bought a new position in shares of ArcBest in the 3rd quarter valued at about $323,000. Finally, Calamos Advisors LLC bought a new position in shares of ArcBest in the 3rd quarter valued at about $412,000. Institutional investors and hedge funds own 94.16% of the company’s stock.

ArcBest stock opened at $39.90 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.31 and a current ratio of 1.39. ArcBest Corp has a 1-year low of $29.40 and a 1-year high of $51.45. The stock has a market capitalization of $1.08 billion, a P/E ratio of 30.00, a PEG ratio of 0.27 and a beta of 2.26.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Thursday, November 1st. The transportation company reported $1.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.32. ArcBest had a net margin of 2.92% and a return on equity of 12.98%. The company had revenue of $826.20 million for the quarter, compared to analyst estimates of $815.82 million. During the same period in the prior year, the company posted $0.59 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts expect that ArcBest Corp will post 3.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date is Friday, November 9th. ArcBest’s dividend payout ratio (DPR) is currently 24.06%.

ARCB has been the subject of a number of analyst reports. Bank of America increased their price target on shares of ArcBest from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, August 1st. BidaskClub raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Cowen increased their price target on shares of ArcBest from $41.00 to $46.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $46.00 price target on shares of ArcBest in a report on Friday, August 3rd. Finally, Buckingham Research increased their price target on shares of ArcBest from $43.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the stock. ArcBest has an average rating of “Hold” and a consensus target price of $44.33.

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ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. 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.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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