Corient Private Wealth LP Purchases Shares of 10,761 ArcBest Corporation $ARCB

Key Points

• Corient Private Wealth initiated a position in ArcBest by purchasing 10,761 shares worth approximately $1.545 million. Institutional investors collectively own 99.27% of the transportation company.
• ArcBest reported quarterly adjusted earnings of $2.38 per share, beating estimates of $2.26, while revenue rose 15.9% year over year to $1.18 billion.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $154.23; ArcBest also pays a $0.12 quarterly dividend.

Corient Private Wealth LP purchased a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 10,761 shares of the transportation company's stock, valued at approximately $1,545,000.

A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new position in ArcBest during the 2nd quarter worth approximately $503,476,000. Vanguard Group Inc. boosted its stake in shares of ArcBest by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company's stock valued at $181,852,000 after purchasing an additional 6,808 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of ArcBest by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company's stock valued at $137,429,000 after purchasing an additional 47,848 shares during the last quarter. Invesco Ltd. increased its position in shares of ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company's stock worth $68,292,000 after buying an additional 793,607 shares during the period. Finally, Turtle Creek Asset Management Inc. bought a new position in ArcBest during the third quarter worth $39,508,000. Institutional investors and hedge funds own 99.27% of the company's stock.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $137.34 on Friday. The firm's 50-day moving average price is $143.87 and its 200-day moving average price is $126.99. ArcBest Corporation has a 1-year low of $59.43 and a 1-year high of $176.69. The firm has a market capitalization of $3.07 billion, a P/E ratio of 199.04, a P/E/G ratio of 0.44 and a beta of 1.55. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10.

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

ArcBest Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have commented on ARCB. Truist Financial upped their price target on shares of ArcBest from $145.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Citigroup reissued a "market outperform" rating on shares of ArcBest in a research report on Wednesday, August 26th. Citizens Jmp started coverage on ArcBest in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $180.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on ArcBest from $117.00 to $147.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Finally, Wall Street Zen upgraded ArcBest from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $154.23.

Insiders Place Their Bets

In other ArcBest news, insider Erin Gattis sold 6,163 shares of the company's stock in a transaction 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 transaction, the insider owned 24,286 shares in the company, valued at approximately $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Judy McReynolds sold 2,857 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction 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 trade represents a 5.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,963 shares of company stock valued at $1,678,066 in the last 90 days. 0.98% of the stock is currently owned by company insiders.

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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