Swiss National Bank continued to hold its stake in ArcBest Corp. (NASDAQ:ARCB) during the second quarter, Holdings Channel reports. The institutional investor owned 40,200 shares of the company’s stock at the end of the second quarter. Swiss National Bank owned 0.16% of ArcBest Corp. worth $653,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Quantitative Investment Management LLC purchased a new position in shares of ArcBest Corp. during the second quarter valued at $196,000. Wedge Capital Management L L P NC increased its position in shares of ArcBest Corp. by 9.6% in the second quarter. Wedge Capital Management L L P NC now owns 36,741 shares of the company’s stock valued at $597,000 after buying an additional 3,231 shares during the period. Bank of Montreal Can purchased a new position in shares of ArcBest Corp. during the second quarter valued at $3,696,000. Adams Asset Advisors LLC increased its position in shares of ArcBest Corp. by 112.2% in the second quarter. Adams Asset Advisors LLC now owns 51,369 shares of the company’s stock valued at $834,000 after buying an additional 27,165 shares during the period. Finally, Eagle Boston Investment Management Inc. increased its position in shares of ArcBest Corp. by 2.9% in the second quarter. Eagle Boston Investment Management Inc. now owns 258,152 shares of the company’s stock valued at $4,194,000 after buying an additional 7,352 shares during the period. 84.52% of the stock is owned by institutional investors.
Shares of ArcBest Corp. (NASDAQ:ARCB) traded down 0.44% during mid-day trading on Wednesday, hitting $20.43. 32,602 shares of the company’s stock were exchanged. The company has a market capitalization of $526.05 million, a price-to-earnings ratio of 19.17 and a beta of 1.66. The firm has a 50 day moving average price of $19.09 and a 200-day moving average price of $18.33. ArcBest Corp. has a 52 week low of $14.85 and a 52 week high of $28.80.
ArcBest Corp. (NASDAQ:ARCB) last released its quarterly earnings results on Friday, July 29th. The company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.05. ArcBest Corp. had a net margin of 1.06% and a return on equity of 5.02%. The firm earned $676.60 million during the quarter, compared to the consensus estimate of $683.12 million. During the same period in the prior year, the business earned $0.75 EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts anticipate that ArcBest Corp. will post $0.90 EPS for the current year.
Several brokerages have recently weighed in on ARCB. Zacks Investment Research upgraded shares of ArcBest Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Buckingham Research began coverage on shares of ArcBest Corp. in a research note on Friday, September 23rd. They set a “buy” rating and a $24.00 price objective on the stock. Citigroup Inc. increased their price objective on shares of ArcBest Corp. from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, September 8th. Finally, Deutsche Bank AG set a $20.00 price objective on shares of ArcBest Corp. and gave the company a “hold” rating in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $22.07.
ArcBest Corp. Company Profile
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).