Arrowstreet Capital Limited Partnership increased its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 129.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,852 shares of the transportation company's stock after purchasing an additional 18,507 shares during the period. Arrowstreet Capital Limited Partnership owned 0.15% of ArcBest worth $3,231,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in ARCB. Federation des caisses Desjardins du Quebec raised its holdings in shares of ArcBest by 0.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company's stock worth $1,706,000 after purchasing an additional 100 shares in the last quarter. Seelaus Asset Management LLC grew its position in ArcBest by 3.5% in the fourth quarter. Seelaus Asset Management LLC now owns 3,710 shares of the transportation company's stock worth $275,000 after buying an additional 125 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of ArcBest by 8.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after buying an additional 134 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of ArcBest by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company's stock valued at $329,000 after acquiring an additional 135 shares during the last quarter. Finally, Stephens Inc. AR lifted its position in shares of ArcBest by 2.2% during the 4th quarter. Stephens Inc. AR now owns 6,909 shares of the transportation company's stock valued at $535,000 after acquiring an additional 150 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.
ArcBest Trading Up 4.9%
Shares of NASDAQ ARCB opened at $144.31 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The business has a 50-day moving average price of $149.47 and a two-hundred day moving average price of $120.55. The firm has a market capitalization of $3.23 billion, a PE ratio of 209.14, a PEG ratio of 0.45 and a beta of 1.57.
ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.26 by $0.12. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The firm's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.36 EPS. As a group, analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.
ArcBest Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. ArcBest's dividend payout ratio (DPR) is 69.57%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on ARCB. Bank of America lifted their target price on ArcBest from $138.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, June 5th. Truist Financial upped their target price on ArcBest from $145.00 to $165.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. TD Cowen decreased their price target on ArcBest from $175.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday, July 30th. Stifel Nicolaus lifted their price target on ArcBest from $134.00 to $176.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group restated a "buy" rating and set a $172.00 price objective on shares of ArcBest in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $154.23.
View Our Latest Stock Report on ArcBest
ArcBest Profile
(
Free Report)
ArcBest Corporation NASDAQ: ARCB is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.
The company's asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.
See Also
Want to see what other hedge funds are holding ARCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ArcBest Corporation (NASDAQ:ARCB - Free Report).
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