Hudson Bay Capital Management LP Purchases New Shares in ArcBest Co. (NASDAQ:ARCB)

Hudson Bay Capital Management LP acquired a new stake in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 61,147 shares of the transportation company's stock, valued at approximately $5,706,000. Hudson Bay Capital Management LP owned approximately 0.26% of ArcBest as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARCB. Alliancebernstein L.P. raised its position in ArcBest by 9.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock valued at $240,011,000 after acquiring an additional 220,325 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of ArcBest by 47.2% in the fourth quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company's stock valued at $30,423,000 after purchasing an additional 104,499 shares during the period. American Century Companies Inc. raised its position in shares of ArcBest by 16.3% in the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company's stock valued at $57,758,000 after purchasing an additional 86,867 shares during the period. Eisler Capital Management Ltd. bought a new position in shares of ArcBest in the fourth quarter valued at approximately $7,695,000. Finally, Norges Bank bought a new position in shares of ArcBest in the fourth quarter valued at approximately $5,826,000. Institutional investors own 99.27% of the company's stock.

Insiders Place Their Bets

In other news, CFO John Matthew Beasley bought 700 shares of ArcBest stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares of the company's stock, valued at approximately $609,754.38. This trade represents a 9.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.28% of the company's stock.

ArcBest Stock Performance

ARCB traded down $0.86 during trading on Friday, reaching $66.93. 315,581 shares of the company's stock were exchanged, compared to its average volume of 307,464. ArcBest Co. has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. 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 business has a 50 day moving average price of $65.82 and a 200 day moving average price of $87.06. The company has a market capitalization of $1.53 billion, a P/E ratio of 9.13, a PEG ratio of 1.70 and a beta of 1.70.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The business had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The firm's quarterly revenue was down 6.7% on a year-over-year basis. As a group, analysts predict that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, May 9th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.72%. ArcBest's dividend payout ratio is currently 6.35%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ARCB shares. TD Cowen dropped their price target on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Bank of America lifted their price target on shares of ArcBest from $58.00 to $67.00 and gave the company an "underperform" rating in a research report on Friday. UBS Group dropped their price target on shares of ArcBest from $100.00 to $64.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Stifel Nicolaus lowered their price objective on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Truist Financial lowered their price objective on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, ArcBest currently has an average rating of "Hold" and an average target price of $88.25.

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.