ArcBest Corporation (NASDAQ:ARCB) Shares Purchased by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. boosted its holdings in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 7,152.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,092 shares of the transportation company's stock after purchasing an additional 6,008 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in ArcBest were worth $430,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in shares of ArcBest by 146.3% during the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company's stock worth $28,000 after purchasing an additional 177 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of ArcBest by 471.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company's stock valued at $51,000 after buying an additional 453 shares during the last quarter. Curat Global LLC purchased a new stake in shares of ArcBest in the first quarter worth approximately $82,000. Cibc World Markets Corp purchased a new stake in shares of ArcBest in the fourth quarter worth approximately $206,000. Finally, Lido Advisors LLC bought a new stake in shares of ArcBest during the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors own 99.27% of the company's stock.

ArcBest Stock Down 0.0%

Shares of NASDAQ ARCB traded down $0.03 during mid-day trading on Wednesday, reaching $67.89. 108,033 shares of the company were exchanged, compared to its average volume of 308,297. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $129.83. The firm has a 50-day moving average of $63.70 and a 200 day moving average of $80.20. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 8.97, a P/E/G ratio of 0.73 and a beta of 1.68. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The firm had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. During the same period in the prior year, the firm posted $1.34 earnings per share. ArcBest's revenue for the quarter was down 6.7% compared to the same quarter last year. On average, research analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were given a dividend of $0.12 per share. The ex-dividend date was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.71%. ArcBest's dividend payout ratio is currently 6.35%.

Analysts Set New Price Targets

ARCB has been the subject of several research analyst reports. Bank of America upgraded ArcBest from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. Jefferies Financial Group reissued a "buy" rating and issued a $85.00 price objective (up from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Wells Fargo & Company dropped their target price on shares of ArcBest from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and raised their target price for the stock from $84.00 to $101.00 in a research report on Monday, June 2nd. Finally, Citigroup reduced their price objective on ArcBest from $83.00 to $66.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, ArcBest currently has an average rating of "Hold" and an average price target of $89.42.

ArcBest 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.