Seven Six Capital Management LLC Boosts Position in ArcBest Corporation $ARCB

Key Points

• Seven Six Capital Management LLC increased its stake in ArcBest Corporation by 21.6%, now owning 55,232 shares, which represents 3.5% of its portfolio.
• ArcBest reported quarterly earnings of $1.36 EPS, falling short of analyst expectations, with revenue down 5.1% year-over-year.
• Institutional investors and hedge funds own a total of 99.27% of ArcBest’s stock, reflecting strong institutional interest in the company.

Seven Six Capital Management LLC lifted its holdings in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,232 shares of the transportation company's stock after acquiring an additional 9,825 shares during the period. ArcBest makes up 3.5% of Seven Six Capital Management LLC's holdings, making the stock its 11th biggest holding. Seven Six Capital Management LLC owned 0.24% of ArcBest worth $3,898,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after purchasing an additional 320 shares during the last quarter. CWM LLC boosted its holdings in ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after purchasing an additional 349 shares during the last quarter. Curat Global LLC purchased a new position in ArcBest during the first quarter worth about $82,000. GAMMA Investing LLC boosted its holdings in ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after purchasing an additional 932 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in ArcBest during the first quarter worth about $143,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Stock Performance

ARCB traded down $1.83 during midday trading on Friday, reaching $71.50. The company had a trading volume of 56,389 shares, compared to its average volume of 364,596. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $1.62 billion, a PE ratio of 10.64, a P/E/G ratio of 1.24 and a beta of 1.69. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $123.25. The business has a 50-day moving average price of $76.20 and a two-hundred day moving average price of $70.91.

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

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were given a dividend of $0.12 per share. The ex-dividend date was Friday, August 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. ArcBest's dividend payout ratio is currently 7.14%.

Analyst Ratings Changes

Several research firms recently weighed in on ARCB. Zacks Research upgraded shares of ArcBest to a "strong sell" rating in a report on Monday, August 11th. Wells Fargo & Company cut their price target on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Jefferies Financial Group restated a "buy" rating and set a $85.00 price target (up from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. Morgan Stanley dropped their target price on shares of ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Finally, UBS Group dropped their target price on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, July 31st. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $89.17.

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.