Eisler Capital Management Ltd. Sells 28,953 Shares of ArcBest Corporation $ARCB

Key Points

• Eisler Capital Management Ltd. reduced its stake in ArcBest Corporation by 34.6%, selling 28,953 shares in the first quarter, now holding 54,747 shares valued at approximately $3.86 million.
• Multiple institutional investors recently increased their holdings in ArcBest, with Partners Group Holding AG raising its stake by 52.0%, now owning 119,679 shares worth about $8.45 million.
• ArcBest announced a quarterly dividend of $0.12 per share, representing an annualized dividend of $0.48 and a dividend yield of 0.7%.

Eisler Capital Management Ltd. lessened its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 34.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 54,747 shares of the transportation company's stock after selling 28,953 shares during the period. Eisler Capital Management Ltd. owned about 0.24% of ArcBest worth $3,858,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of ARCB. Nuveen LLC purchased a new stake in shares of ArcBest in the first quarter valued at $18,460,000. Westwood Holdings Group Inc. lifted its holdings in shares of ArcBest by 36.7% in the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock valued at $61,353,000 after purchasing an additional 233,409 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of ArcBest in the first quarter valued at $9,202,000. GAMMA Investing LLC lifted its holdings in shares of ArcBest by 20,035.6% in the first quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company's stock valued at $71,480,000 after purchasing an additional 100,779 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of ArcBest by 11.5% during the first quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company's stock worth $48,693,000 after acquiring an additional 70,976 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on ARCB. Zacks Research upgraded ArcBest to a "strong sell" rating in a report on Monday, August 11th. Bank of America upgraded ArcBest from an "underperform" rating to a "neutral" rating and raised their target price for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. Wall Street Zen upgraded ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. JPMorgan Chase & Co. raised their target price on ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley cut their target price on ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $90.00.

ArcBest Stock Performance

Shares of NASDAQ:ARCB traded down $1.70 during midday trading on Tuesday, hitting $72.06. The company's stock had a trading volume of 56,783 shares, compared to its average volume of 369,043. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.85 and a beta of 1.69. The stock's 50 day simple moving average is $76.96 and its 200 day simple moving average is $71.60. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the business earned $1.98 earnings per share. The firm's quarterly revenue was down 5.1% compared to the same quarter last year. As a group, research analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

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

ArcBest 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.