Banque Pictet & Cie SA Buys New Position in ArcBest Corporation (NASDAQ:ARCB)

Banque Pictet & Cie SA acquired a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 5,318 shares of the transportation company's stock, valued at approximately $375,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Curat Global LLC acquired a new position in ArcBest in the 1st quarter valued at $82,000. GAMMA Investing LLC raised its holdings 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 acquiring an additional 932 shares in the last quarter. Cibc World Markets Corp acquired a new position in ArcBest in the 4th quarter valued at $206,000. Lido Advisors LLC acquired a new position in ArcBest in the 4th quarter valued at $211,000. Finally, Aquatic Capital Management LLC raised its holdings in shares of ArcBest by 307.0% during the 4th quarter. Aquatic Capital Management LLC now owns 2,442 shares of the transportation company's stock worth $228,000 after buying an additional 1,842 shares in the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Trading Down 0.9%

Shares of ARCB stock traded down $0.75 on Monday, hitting $81.48. The company had a trading volume of 279,144 shares, compared to its average volume of 322,093. The firm has a market cap of $1.87 billion, a P/E ratio of 10.78, a P/E/G ratio of 0.88 and a beta of 1.71. The stock's 50-day moving average is $69.59 and its two-hundred day moving average is $76.67. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. ArcBest Corporation has a twelve month low of $55.19 and a twelve month high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The company's quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.34 EPS. On average, equities research analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.59%. ArcBest's payout ratio is 6.35%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ARCB. Bank of America raised ArcBest from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. Jefferies Financial Group reissued a "buy" rating and set a $85.00 price target (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. UBS Group boosted their price target on ArcBest from $64.00 to $84.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Citigroup boosted their price target on ArcBest from $67.00 to $89.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Finally, TD Cowen lowered their price target on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $93.17.

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.