Concurrent Investment Advisors LLC Acquires New Position in ArcBest Corporation $ARCB

Key Points

• Concurrent Investment Advisors acquired 17,927 ArcBest shares worth approximately $2.57 million, while institutional investors collectively own 99.27% of the company.
• ArcBest reported quarterly EPS of $2.38, beating estimates by $0.12, with revenue rising 15.9% year over year to $1.18 billion.
• Shares opened at $138.10, down 2.1%; analysts maintain a “Moderate Buy” consensus with an average price target of $154.23, while insiders have sold nearly $1.68 million of stock over the past 90 days.

Concurrent Investment Advisors LLC acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,927 shares of the transportation company's stock, valued at approximately $2,573,000. Concurrent Investment Advisors LLC owned approximately 0.08% of ArcBest at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Quantinno Capital Management LP boosted its stake in ArcBest by 101.9% in the first quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company's stock valued at $2,049,000 after buying an additional 10,511 shares in the last quarter. BlackRock Inc. acquired a new position in ArcBest during the second quarter worth about $503,476,000. Northwestern Mutual Wealth Management Co. raised its stake in ArcBest by 19,008.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 122,292 shares of the transportation company's stock worth $9,073,000 after acquiring an additional 121,652 shares in the last quarter. Walleye Capital LLC bought a new position in shares of ArcBest in the first quarter worth about $2,579,000. Finally, Pullen Investment Management LLC bought a new position in shares of ArcBest in the first quarter worth about $2,826,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Insider Buying and Selling at ArcBest

In other news, insider Erin K. Gattis sold 6,163 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the sale, the insider owned 24,286 shares of the company's stock, valued at approximately $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Judy R. Mcreynolds sold 2,857 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the transaction, the director owned 50,048 shares of the company's stock, valued at $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is owned by corporate insiders.

ArcBest Trading Down 2.1%

ARCB opened at $138.10 on Wednesday. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 200.14, a PEG ratio of 0.46 and a beta of 1.55. The company's 50 day moving average price is $143.56 and its two-hundred day moving average price is $127.75.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.36 earnings per share. As a group, research analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, August 7th. ArcBest's dividend payout ratio (DPR) is currently 69.57%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ARCB. Bank of America lifted their price target on shares of ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, June 5th. Citizens Jmp initiated coverage on shares of ArcBest in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $180.00 price objective for the company. Wells Fargo & Company raised their target price on shares of ArcBest from $130.00 to $150.00 and gave the company an "equal weight" rating in a research report on Friday, June 5th. Citigroup reiterated a "market outperform" rating on shares of ArcBest in a research note on Wednesday, August 26th. Finally, UBS Group raised their price objective on ArcBest from $145.00 to $154.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, ArcBest currently has an average rating of "Moderate Buy" and an average price target of $154.23.

About ArcBest

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.

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