American Century Companies Inc. Grows Holdings in ArcBest Corporation $ARCB

Key Points

• American Century Companies Inc. increased its stake in ArcBest Corporation by 11.5%, owning 689,895 shares valued at approximately $48.69 million by the end of the first quarter.
• ArcBest's stock experienced a 1.9% increase recently, with a current market capitalization of $1.66 billion and a P/E ratio of 10.89.
• The company declared a quarterly dividend of $0.12 per share, with a record date of August 8th, resulting in an annualized dividend yield of 0.7%.

American Century Companies Inc. lifted its holdings in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 11.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 689,895 shares of the transportation company's stock after purchasing an additional 70,976 shares during the period. American Century Companies Inc. owned 3.01% of ArcBest worth $48,693,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of ARCB. Nuveen LLC bought a new position in ArcBest during the first quarter worth $18,460,000. Westwood Holdings Group Inc. raised its stake in ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after buying an additional 233,409 shares during the last quarter. Federated Hermes Inc. bought a new position in ArcBest during the first quarter worth $9,202,000. GAMMA Investing LLC raised its stake in ArcBest by 20,035.6% during the first quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company's stock worth $71,480,000 after buying an additional 100,779 shares during the last quarter. Finally, Eisler Capital Management Ltd. bought a new position in ArcBest during the fourth quarter worth $7,695,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Upgrades and Downgrades

ARCB has been the subject of a number of analyst reports. Citigroup lifted their target price on shares of ArcBest from $67.00 to $89.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wells Fargo & Company decreased their price target on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Stifel Nicolaus decreased their price target on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and lifted their price target for the company from $84.00 to $101.00 in a research note on Monday, June 2nd. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ArcBest currently has an average rating of "Hold" and an average target price of $90.00.

ArcBest Stock Down 2.9%

Shares of NASDAQ ARCB traded down $2.22 during mid-day trading on Monday, reaching $74.87. 323,767 shares of the company's stock traded hands, compared to its average volume of 390,309. The stock has a market cap of $1.70 billion, a P/E ratio of 11.14, a PEG ratio of 0.89 and a beta of 1.69. The business has a 50-day simple moving average of $76.48 and a 200 day simple moving average of $72.31. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The firm's quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.98 earnings per share. On average, analysts expect that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, August 8th. ArcBest's dividend payout ratio (DPR) is currently 7.14%.

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.