ArcBest Corporation (NASDAQ:ARCB) Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in ArcBest Corporation by 7.8%, acquiring an additional 2,925 shares, bringing its total holdings to 40,522 shares valued at approximately $2.86 million.
• ArcBest reported earnings of $0.51 per share for the recent quarter, slightly below the consensus estimate of $0.52, with a year-over-year revenue decline of 6.7%.
• The company announced a quarterly dividend of $0.12 per share, translating to an annualized dividend of $0.48 and a yield of 0.56% for stockholders of record on August 8th.

Envestnet Asset Management Inc. raised its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,522 shares of the transportation company's stock after purchasing an additional 2,925 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of ArcBest worth $2,860,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Curat Global LLC bought a new position in shares of ArcBest in the 1st quarter worth $82,000. GAMMA Investing LLC raised its position in shares of ArcBest by 185.3% in the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after acquiring an additional 932 shares in the last quarter. Lido Advisors LLC bought a new position in shares of ArcBest in the 4th quarter worth $211,000. Elevation Point Wealth Partners LLC raised its position in shares of ArcBest by 33.3% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock worth $215,000 after acquiring an additional 762 shares in the last quarter. Finally, Aquatic Capital Management LLC raised its position in shares of ArcBest by 307.0% in the 4th quarter. Aquatic Capital Management LLC now owns 2,442 shares of the transportation company's stock worth $228,000 after acquiring an additional 1,842 shares in the last quarter. 99.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ARCB. JPMorgan Chase & Co. boosted their target price on ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. UBS Group dropped their target price on ArcBest from $84.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday. Wells Fargo & Company boosted their target price on ArcBest from $60.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Morgan Stanley dropped their target price on ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Stifel Nicolaus boosted their target price on ArcBest from $83.00 to $93.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $91.83.

ArcBest Stock Performance

ArcBest stock traded up $0.85 during trading hours on Thursday, hitting $72.52. 121,972 shares of the stock traded hands, compared to its average volume of 378,510. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The firm's 50 day moving average price is $73.73 and its 200-day moving average price is $75.73. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 9.59, a P/E/G ratio of 0.87 and a beta of 1.71. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The business's quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the firm earned $1.98 EPS. As a group, equities analysts expect that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a $0.12 dividend. The ex-dividend date is Friday, August 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.66%. ArcBest's dividend payout ratio (DPR) is presently 6.35%.

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.