Seven Six Capital Management LLC Acquires 9,825 Shares of 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 raised its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 21.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 55,232 shares of the transportation company's stock after purchasing an additional 9,825 shares during the quarter. ArcBest accounts for about 3.5% of Seven Six Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Seven Six Capital Management LLC owned 0.24% of ArcBest worth $3,898,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ARCB. Nuveen LLC bought a new stake in ArcBest during the 1st quarter valued at about $18,460,000. Westwood Holdings Group Inc. grew its stake in shares of ArcBest by 36.7% in the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after acquiring an additional 233,409 shares during the period. Ancora Advisors LLC grew its stake in shares of ArcBest by 1,812.9% in the first quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company's stock worth $14,440,000 after acquiring an additional 193,892 shares during the period. Federated Hermes Inc. bought a new stake in shares of ArcBest in the first quarter worth approximately $9,202,000. Finally, GAMMA Investing LLC grew its stake in shares of ArcBest by 20,035.6% in the first quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company's stock worth $71,480,000 after acquiring an additional 100,779 shares during the period. 99.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ARCB shares. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. UBS Group dropped their price objective on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Stifel Nicolaus dropped their price objective on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Jefferies Financial Group reissued a "buy" rating and issued a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. Finally, The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $84.00 to $101.00 in a report on Monday, June 2nd. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $89.17.

ArcBest Price Performance

ARCB traded up $2.69 during trading on Thursday, hitting $73.38. 189,205 shares of the company traded hands, compared to its average volume of 365,792. The company has a market cap of $1.67 billion, a PE ratio of 10.92, a P/E/G ratio of 0.83 and a beta of 1.69. The stock's 50-day simple moving average is $76.39 and its two-hundred day simple moving average is $71.01. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $123.25. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13.

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

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Friday, August 8th. ArcBest's payout ratio 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.