Cookson Peirce & Co. Inc. Takes Position in ArcBest Corporation $ARCB

Key Points

• Cookson Peirce & Co. initiated a position in ArcBest, purchasing 10,322 shares valued at approximately $1.48 million. Institutional investors collectively own 99.27% of the company.
• ArcBest reported quarterly earnings of $2.38 per share, beating estimates by $0.12, while revenue rose 15.9% year over year to $1.18 billion. Shares opened at $136.54, below the analyst consensus target of $154.23.
• The company paid a quarterly dividend of $0.12 per share, representing a 0.4% annualized yield. Meanwhile, insiders sold nearly 12,000 shares worth approximately $1.68 million during the last quarter.

Cookson Peirce & Co. Inc. bought a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,322 shares of the transportation company's stock, valued at approximately $1,482,000.

Several other institutional investors also recently bought and sold shares of ARCB. C M Bidwell & Associates Ltd. bought a new position in shares of ArcBest during the second quarter valued at $74,000. Federated Hermes Inc. increased its holdings in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company's stock worth $75,000 after buying an additional 567 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company's stock valued at $83,000 after acquiring an additional 934 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of ArcBest during the 2nd quarter valued at about $85,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of ArcBest in the second quarter worth approximately $92,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Price Performance

Shares of ARCB stock opened at $136.54 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The company's fifty day moving average price is $144.72 and its 200-day moving average price is $126.11. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 197.88, a PEG ratio of 0.45 and a beta of 1.57.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.12. The company 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%. ArcBest's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.36 EPS. Sell-side analysts expect that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. ArcBest's dividend payout ratio is 69.57%.

Insider Activity

In other ArcBest news, Director Judy R. Mcreynolds sold 2,857 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the completion of the transaction, the director directly owned 50,048 shares in the company, valued at $6,955,671.04. This represents a 5.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the sale, the insider directly owned 24,286 shares of the company's stock, valued at approximately $3,400,040. This trade represents a 20.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,963 shares of company stock valued at $1,678,066 in the last quarter. 0.98% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ARCB. Citizens Jmp initiated coverage on shares of ArcBest in a research report on Wednesday, July 15th. They set a "market outperform" rating and a $180.00 price objective on the stock. Stephens raised shares of ArcBest to a "strong-buy" rating in a research report on Wednesday, July 8th. TD Cowen decreased their target price on shares of ArcBest from $175.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, July 30th. Citigroup reissued a "market outperform" rating on shares of ArcBest in a report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $154.23.

ArcBest Profile

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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