Royce & Associates LP Acquires 12,971 Shares of ArcBest Corporation (NASDAQ:ARCB)

Key Points

• Royce & Associates LP increased its holdings in ArcBest Corporation by 15.2%, owning around 98,156 shares valued at approximately $6.93 million as of the last SEC filing.
• Several hedge funds have adjusted their stakes in ArcBest, contributing to institutional ownership which now stands at 99.27% of the company's stock.
• In recent analyst ratings, UBS Group raised ArcBest's target price to $84.00, while Goldman Sachs upgraded the stock to a "buy" rating with a target of $101.00.

Royce & Associates LP boosted its stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,156 shares of the transportation company's stock after buying an additional 12,971 shares during the quarter. Royce & Associates LP owned approximately 0.42% of ArcBest worth $6,928,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Signaturefd LLC boosted its stake in ArcBest by 477.6% in the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock valued at $27,000 after buying an additional 320 shares in the last quarter. CWM LLC boosted its stake in ArcBest by 338.8% in the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock valued at $32,000 after buying an additional 349 shares in the last quarter. Curat Global LLC acquired a new stake in ArcBest in the 1st quarter valued at $82,000. GAMMA Investing LLC boosted its stake in ArcBest by 185.3% in the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock valued at $101,000 after buying an additional 932 shares in the last quarter. Finally, Lido Advisors LLC acquired a new stake in ArcBest in the 4th quarter valued at $211,000. Institutional investors and hedge funds own 99.27% of the company's stock.

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 price objective for the company from $63.00 to $74.00 in a research report on Tuesday, June 10th. Stifel Nicolaus lifted their price objective on ArcBest from $83.00 to $93.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Truist Financial cut their price objective on ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. UBS Group lifted their price objective on ArcBest from $64.00 to $84.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ArcBest currently has an average rating of "Hold" and a consensus target price of $94.00.

ArcBest Trading Down 11.3%

Shares of ARCB stock traded down $9.24 on Wednesday, reaching $72.77. 438,688 shares of the stock were exchanged, compared to its average volume of 372,331. The stock has a 50 day moving average price of $73.56 and a 200 day moving average price of $75.76. The stock has a market cap of $1.67 billion, a PE ratio of 9.63, a P/E/G ratio of 0.91 and a beta of 1.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. ArcBest Corporation has a one year low of $55.19 and a one year high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.41 by ($0.05). ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The firm's quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.98 earnings per share. Equities research analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be issued a $0.12 dividend. The ex-dividend date is Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.66%. ArcBest's dividend payout ratio is presently 6.35%.

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.