Balyasny Asset Management L.P. Makes New Investment in ArcBest Co. (NASDAQ:ARCB)

Balyasny Asset Management L.P. bought a new stake in ArcBest Co. (NASDAQ:ARCB - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 5,842 shares of the transportation company's stock, valued at approximately $545,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC boosted its holdings in shares of ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock valued at $4,678,000 after purchasing an additional 33,386 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of ArcBest during the fourth quarter valued at approximately $375,000. Lake Hills Wealth Management LLC purchased a new position in ArcBest in the 4th quarter valued at about $414,000. Fifth Third Bancorp raised its position in shares of ArcBest by 23.1% in the 4th quarter. Fifth Third Bancorp now owns 2,570 shares of the transportation company's stock valued at $240,000 after purchasing an additional 483 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC increased its position in shares of ArcBest by 4.9% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 18,247 shares of the transportation company's stock worth $1,703,000 after purchasing an additional 849 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company's stock.

ArcBest Stock Down 0.5%

ARCB stock traded down $0.36 during mid-day trading on Monday, hitting $66.57. The stock had a trading volume of 444,867 shares, compared to its average volume of 308,013. ArcBest Co. has a 1-year low of $55.19 and a 1-year high of $129.83. The company has a fifty day moving average of $65.82 and a 200 day moving average of $87.06. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 1.70 and a beta of 1.70.

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

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, May 9th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.72%. ArcBest's dividend payout ratio is presently 6.35%.

Insider Buying and Selling

In other news, CFO John Matthew Beasley bought 700 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the purchase, the chief financial officer now owns 8,142 shares of the company's stock, valued at approximately $609,754.38. The trade was a 9.41% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ARCB has been the subject of a number of recent research reports. Wells Fargo & Company lowered their price objective on shares of ArcBest from $80.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group lowered their price objective on shares of 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 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 stock an "underperform" rating in a research report on Friday. Finally, Truist Financial cut their target price on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.