Caxton Associates LLP Buys New Stake in ArcBest Corporation $ARCB

Key Points

• Caxton Associates LLP has made a new investment of $1.19 million in ArcBest Corporation, acquiring approximately 16,914 shares during the first quarter.
• Several institutional investors have increased their stakes in ArcBest, leading to a total of 99.27% ownership by such investors.
• ArcBest reported a quarterly earnings miss with an EPS of $1.36, falling short of the consensus estimate of $1.48, along with a revenue of $1.02 billion, down 5.1% year-over-year.

Caxton Associates LLP bought a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,914 shares of the transportation company's stock, valued at approximately $1,194,000. Caxton Associates LLP owned about 0.07% of ArcBest at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ARCB. Balyasny Asset Management L.P. purchased a new stake in ArcBest during the fourth quarter valued at approximately $545,000. Deutsche Bank AG increased its holdings in ArcBest by 19.9% during the fourth quarter. Deutsche Bank AG now owns 42,992 shares of the transportation company's stock valued at $4,012,000 after buying an additional 7,144 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in ArcBest during the fourth quarter valued at approximately $5,706,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in ArcBest by 4.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,398 shares of the transportation company's stock valued at $1,250,000 after buying an additional 525 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in ArcBest during the fourth quarter valued at approximately $3,745,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on ARCB shares. Zacks Research raised shares of ArcBest to a "strong sell" rating in a report on Monday, August 11th. Jefferies Financial Group reissued 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. The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $84.00 to $101.00 in a research note on Monday, June 2nd. JPMorgan Chase & Co. increased their price objective on shares of ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley reduced their price objective on shares of ArcBest from $140.00 to $130.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $89.17.

ArcBest Price Performance

ARCB traded up $0.80 during trading on Monday, hitting $71.13. 61,637 shares of the company traded hands, compared to its average volume of 363,585. The company has a market cap of $1.62 billion, a PE ratio of 10.59, a P/E/G ratio of 1.25 and a beta of 1.69. The stock's 50-day simple moving average is $75.94 and its two-hundred day simple moving average is $70.69. 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 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business's revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the business 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest's dividend payout ratio (DPR) is presently 7.14%.

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.