Banque Pictet & Cie SA Acquires Shares of 5,318 ArcBest Corporation (NASDAQ:ARCB)

Banque Pictet & Cie SA acquired a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,318 shares of the transportation company's stock, valued at approximately $375,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new position in shares of ArcBest in the first quarter worth approximately $381,000. Elevation Point Wealth Partners LLC lifted its stake in shares of ArcBest by 33.3% in the first quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock worth $215,000 after acquiring an additional 762 shares during the period. GAMMA Investing LLC lifted its stake in shares of ArcBest by 185.3% in the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after acquiring an additional 932 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of ArcBest by 41.5% in the fourth quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock worth $298,000 after acquiring an additional 935 shares during the period. Finally, Norges Bank acquired a new position in shares of ArcBest in the fourth quarter worth approximately $5,826,000. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Stock Down 2.6%

Shares of NASDAQ:ARCB traded down $2.19 during trading on Friday, reaching $82.23. 347,815 shares of the stock were exchanged, compared to its average volume of 321,916. 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 1-year low of $55.19 and a 1-year high of $129.83. The stock has a fifty day moving average of $69.59 and a two-hundred day moving average of $76.92. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 0.90 and a beta of 1.71.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results 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 10.05% and a net margin of 4.37%. The firm had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. During the same period in the previous year, the company earned $1.34 earnings per share. ArcBest's revenue for the quarter was down 6.7% compared to the same quarter last year. Research analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest's payout ratio is 6.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Citigroup lifted their price objective on ArcBest from $67.00 to $89.00 and gave the stock a "neutral" rating in a research note on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating and issued a $85.00 price objective (up from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. Wells Fargo & Company boosted their price target on ArcBest from $60.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday. Truist Financial dropped their price target on ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Bank of America raised ArcBest from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $63.00 to $74.00 in a research note on Tuesday, June 10th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $93.17.

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.