Horrell Capital Management Inc. Sells 2,980 Shares of ArcBest Co. (NASDAQ:ARCB)

Horrell Capital Management Inc. lessened its position in ArcBest Co. (NASDAQ:ARCB) by 10.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,581 shares of the transportation company’s stock after selling 2,980 shares during the quarter. Horrell Capital Management Inc.’s holdings in ArcBest were worth $2,882,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after buying an additional 14,463 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in ArcBest by 3.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock valued at $550,000 after buying an additional 131 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of ArcBest by 2.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,397 shares of the transportation company’s stock valued at $3,619,000 after purchasing an additional 694 shares in the last quarter. Capstone Investment Advisors LLC raised its holdings in shares of ArcBest by 260.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 6,515 shares of the transportation company’s stock valued at $928,000 after purchasing an additional 4,707 shares in the last quarter. Finally, Seelaus Asset Management LLC bought a new stake in shares of ArcBest in the 1st quarter valued at about $309,000. Institutional investors own 99.27% of the company’s stock.

Insider Activity

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now owns 3,650 shares in the company, valued at $379,344.50. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.65% of the company’s stock.

ArcBest Price Performance

ARCB traded down $0.62 on Tuesday, hitting $105.32. 24,614 shares of the company’s stock were exchanged, compared to its average volume of 282,990. ArcBest Co. has a fifty-two week low of $94.76 and a fifty-two week high of $153.60. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $105.02 and a 200-day moving average price of $111.16. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the firm earned $1.54 EPS. As a group, equities analysts anticipate that ArcBest Co. will post 7.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several recent research reports. Bank of America reduced their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Jefferies Financial Group reduced their price target on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and reduced their price target for the company from $131.00 to $114.00 in a report on Monday, October 14th. Morgan Stanley reduced their price target on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. Finally, StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $126.92.

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.