Envestnet Portfolio Solutions Inc. Purchases Shares of 4,610 ArcBest Corporation $ARCB

Key Points

• Envestnet Portfolio Solutions Inc. acquired 4,610 shares of ArcBest Corporation, valued at approximately $355,000, during the second quarter.
• A significant number of institutional investors have increased their stakes in ArcBest, with ownership standing at 99.27% by these entities.
• Analysts have mixed opinions on ArcBest, with seven analysts giving a Buy rating, while price targets vary from $80.00 to $89.00, indicating some uncertainty in the stock's future performance.

Envestnet Portfolio Solutions Inc. purchased a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,610 shares of the transportation company's stock, valued at approximately $355,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Alliancebernstein L.P. lifted its position in ArcBest by 3.6% during the first quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company's stock valued at $188,056,000 after buying an additional 92,514 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in shares of ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after purchasing an additional 233,409 shares in the last quarter. American Century Companies Inc. lifted its position 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 purchasing an additional 70,976 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of ArcBest by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company's stock worth $30,838,000 after purchasing an additional 10,766 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of ArcBest by 0.4% during the first quarter. Northern Trust Corp now owns 401,549 shares of the transportation company's stock worth $28,341,000 after purchasing an additional 1,544 shares in the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on ARCB shares. Wells Fargo & Company cut their price target on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ArcBest in a report on Wednesday, October 8th. Cowen reaffirmed a "hold" rating on shares of ArcBest in a report on Wednesday, October 1st. Citigroup raised shares of ArcBest from a "neutral" rating to a "buy" rating and upped their price target for the company from $79.00 to $89.00 in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of ArcBest to a "strong sell" rating in a report on Monday, August 11th. Seven equities research 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.com, ArcBest has an average rating of "Hold" and an average target price of $90.00.

ArcBest Stock Down 1.6%

NASDAQ:ARCB opened at $75.82 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $72.35 and a 200-day moving average of $70.52. The firm has a market capitalization of $1.72 billion, a PE ratio of 11.28, a price-to-earnings-growth ratio of 1.43 and a beta of 1.66. ArcBest Corporation has a 52 week low of $55.19 and a 52 week high of $123.25.

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

ArcBest Announces Dividend

The business also recently disclosed 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 was Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. ArcBest's payout ratio is currently 7.14%.

About ArcBest

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.

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