Hancock Whitney Corp cut its holdings in shares of ArcBest Corp (NASDAQ:ARCB) by 36.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,684 shares of the transportation company’s stock after selling 9,597 shares during the quarter. Hancock Whitney Corp owned 0.06% of ArcBest worth $572,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of ArcBest by 5.0% in the 4th quarter. Principal Financial Group Inc. now owns 224,606 shares of the transportation company’s stock worth $7,695,000 after acquiring an additional 10,738 shares during the period. Vanguard Group Inc lifted its stake in shares of ArcBest by 4.4% in the third quarter. Vanguard Group Inc now owns 3,142,794 shares of the transportation company’s stock valued at $152,583,000 after purchasing an additional 132,068 shares during the period. Vident Investment Advisory LLC acquired a new stake in shares of ArcBest in the third quarter valued at about $3,134,000. ClariVest Asset Management LLC lifted its stake in shares of ArcBest by 22.0% in the fourth quarter. ClariVest Asset Management LLC now owns 172,656 shares of the transportation company’s stock valued at $5,916,000 after purchasing an additional 31,175 shares during the period. Finally, Eqis Capital Management Inc. lifted its stake in shares of ArcBest by 507.7% in the fourth quarter. Eqis Capital Management Inc. now owns 35,417 shares of the transportation company’s stock valued at $1,213,000 after purchasing an additional 29,589 shares during the period. Institutional investors own 94.29% of the company’s stock.
Several analysts recently commented on the stock. Bank of America reiterated an “underperform” rating and issued a $34.00 price objective (down previously from $45.00) on shares of ArcBest in a research note on Tuesday, March 12th. Seaport Global Securities restated a “neutral” rating on shares of ArcBest in a report on Friday, April 5th. BidaskClub downgraded shares of ArcBest from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Cowen restated a “hold” rating and set a $42.00 target price on shares of ArcBest in a report on Thursday, January 31st. Finally, Buckingham Research dropped their target price on shares of ArcBest from $46.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $41.89.
ArcBest (NASDAQ:ARCB) last released its earnings results on Wednesday, January 30th. The transportation company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. The firm had revenue of $774.28 million during the quarter, compared to the consensus estimate of $767.78 million. ArcBest had a net margin of 2.17% and a return on equity of 14.95%. ArcBest’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. Sell-side analysts predict that ArcBest Corp will post 3.68 EPS for the current year.
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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