Balyasny Asset Management L.P. Invests $545,000 in ArcBest Co. (NASDAQ:ARCB)

Balyasny Asset Management L.P. purchased a new stake in ArcBest Co. (NASDAQ:ARCB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,842 shares of the transportation company's stock, valued at approximately $545,000.

Several other hedge funds have also bought and sold shares of ARCB. Blue Trust Inc. grew its position in ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company's stock valued at $28,000 after purchasing an additional 177 shares during the period. R Squared Ltd bought a new position in ArcBest during the 4th quarter valued at $40,000. Smartleaf Asset Management LLC lifted its stake in ArcBest by 471.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company's stock valued at $51,000 after acquiring an additional 453 shares in the last quarter. KBC Group NV raised its stake in shares of ArcBest by 34.9% during the 4th quarter. KBC Group NV now owns 1,148 shares of the transportation company's stock worth $107,000 after purchasing an additional 297 shares during the period. Finally, Cibc World Markets Corp bought a new stake in shares of ArcBest during the 4th quarter worth $206,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Insider Buying and Selling at ArcBest

In related news, CFO John Matthew Beasley bought 700 shares of ArcBest stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now directly owns 8,142 shares of the company's stock, valued at $609,754.38. This represents a 9.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.28% of the company's stock.

ArcBest Price Performance

ARCB stock traded down $1.60 during mid-day trading on Wednesday, reaching $64.55. 20,871 shares of the company traded hands, compared to its average volume of 307,386. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The company has a market capitalization of $1.48 billion, a P/E ratio of 8.81, a P/E/G ratio of 1.70 and a beta of 1.70. ArcBest Co. has a 52-week low of $55.19 and a 52-week high of $129.83. The company has a fifty day moving average price of $65.56 and a 200-day moving average price of $86.68.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its 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). The company had revenue of $967.08 million for the quarter, compared to analysts' expectations of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The firm's quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 EPS. As a group, analysts anticipate that ArcBest Co. will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, May 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date is Friday, May 9th. ArcBest's payout ratio is presently 6.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ARCB shares. StockNews.com upgraded ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Jefferies Financial Group lowered their target price on ArcBest from $120.00 to $95.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. TD Cowen lowered their target price on ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley lowered their target price on ArcBest from $160.00 to $145.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, Truist Financial lowered their target price on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $88.25.

ArcBest Company Profile

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.