GAMMA Investing LLC Purchases 100,779 Shares of ArcBest Co. (NASDAQ:ARCB)

GAMMA Investing LLC boosted its stake in shares of ArcBest Co. (NASDAQ:ARCB - Free Report) by 20,035.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,282 shares of the transportation company's stock after buying an additional 100,779 shares during the period. GAMMA Investing LLC owned approximately 0.44% of ArcBest worth $71,480,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARCB. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of ArcBest in the 4th quarter worth $2,994,000. Mackenzie Financial Corp increased its holdings in shares of ArcBest by 71.0% in the 4th quarter. Mackenzie Financial Corp now owns 15,449 shares of the transportation company's stock worth $1,442,000 after purchasing an additional 6,412 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of ArcBest by 3.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 35,270 shares of the transportation company's stock worth $3,291,000 after purchasing an additional 1,146 shares in the last quarter. Zimmer Partners LP increased its holdings in shares of ArcBest by 23.5% in the 4th quarter. Zimmer Partners LP now owns 105,000 shares of the transportation company's stock worth $9,799,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in shares of ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company's stock worth $59,338,000 after purchasing an additional 16,239 shares in the last quarter. Institutional investors own 99.27% of the company's stock.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the transaction, the chief financial officer now directly owns 8,142 shares of the company's stock, valued at approximately $609,754.38. The trade was a 9.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.28% of the company's stock.

ArcBest Stock Performance

NASDAQ ARCB traded down $0.59 on Wednesday, hitting $63.73. 261,906 shares of the company traded hands, compared to its average volume of 308,830. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 8.69, a P/E/G ratio of 1.70 and a beta of 1.70. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The business's 50 day moving average price is $63.50 and its 200-day moving average price is $83.23. ArcBest Co. has a 52-week low of $55.19 and a 52-week high of $129.83.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million for the quarter, compared to analysts' expectations of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. ArcBest's revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 earnings per share. Equities analysts expect that ArcBest Co. will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. ArcBest's payout ratio is 6.35%.

Analysts Set New Price Targets

A number of analysts have commented on ARCB shares. Truist Financial reduced their target price on ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, April 24th. The Goldman Sachs Group upgraded ArcBest from a "neutral" rating to a "buy" rating and raised their price target for the stock from $84.00 to $101.00 in a research note on Monday. UBS Group dropped their price target on ArcBest from $100.00 to $64.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company dropped their price target on ArcBest from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Finally, Stephens restated an "overweight" rating and issued a $116.00 price target on shares of ArcBest in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $89.67.

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.