Mackenzie Financial Corp Boosts Stock Holdings in ArcBest Co. (NASDAQ:ARCB)

Mackenzie Financial Corp increased its position in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 71.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,449 shares of the transportation company's stock after acquiring an additional 6,412 shares during the quarter. Mackenzie Financial Corp owned about 0.07% of ArcBest worth $1,442,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC boosted its holdings in ArcBest by 342.5% in the third quarter. Barclays PLC now owns 43,134 shares of the transportation company's stock worth $4,678,000 after acquiring an additional 33,386 shares in the last quarter. Victory Capital Management Inc. boosted its stake in ArcBest by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company's stock worth $21,709,000 after purchasing an additional 13,152 shares in the last quarter. Sanctuary Advisors LLC grew its position in ArcBest by 7.4% during the 4th quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company's stock worth $419,000 after purchasing an additional 306 shares during the last quarter. Teacher Retirement System of Texas increased its stake in ArcBest by 41.5% during the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock valued at $298,000 after purchasing an additional 935 shares in the last quarter. Finally, Norges Bank acquired a new position in ArcBest during the 4th quarter valued at approximately $5,826,000. Hedge funds and other institutional investors own 99.27% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ARCB shares. Citigroup lowered their price objective on shares of ArcBest from $83.00 to $66.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Stifel Nicolaus dropped their price target on ArcBest from $102.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Wall Street Zen raised ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. TD Cowen decreased their target price on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley dropped their target price on ArcBest from $160.00 to $145.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $89.67.

ArcBest Stock Performance

Shares of ARCB traded down $0.30 during trading hours on Monday, hitting $62.39. The stock had a trading volume of 289,809 shares, compared to its average volume of 309,172. The firm has a 50-day moving average price of $63.91 and a 200 day moving average price of $83.68. ArcBest Co. has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 1.70 and a beta of 1.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.01.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. During the same quarter last year, the company posted $1.34 EPS. The company's revenue was down 6.7% on a year-over-year basis. As a group, research analysts anticipate that ArcBest Co. will post 7 EPS for the current year.

ArcBest Announces Dividend

The firm 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 of this dividend was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.77%. ArcBest's dividend payout ratio is currently 6.35%.

Insiders Place Their Bets

In related news, CFO John Matthew Beasley purchased 700 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was bought 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 owns 8,142 shares in the company, valued at $609,754.38. The trade was a 9.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by company insiders.

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.