Heartland Advisors Inc. Acquires Shares of 110,000 ArcBest Corporation $ARCB

Key Points

• Heartland Advisors acquired 110,000 ArcBest shares during the second quarter, valued at approximately $15.8 million and representing about 0.49% of the company. Institutional investors collectively own 99.27% of ArcBest.
• ArcBest reported quarterly earnings of $2.38 per share, beating estimates of $2.26, while revenue rose 15.9% year over year to $1.18 billion. The company also declared a quarterly dividend of $0.12 per share.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $154.23, compared with the stock’s reported price of $140.34; however, company insiders sold nearly 12,000 shares worth about $1.68 million over the last quarter.

Heartland Advisors Inc. bought a new position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 110,000 shares of the transportation company's stock, valued at approximately $15,789,000. Heartland Advisors Inc. owned approximately 0.49% of ArcBest at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC boosted its position in ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company's stock valued at $1,898,000 after buying an additional 20,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company's stock worth $989,000 after acquiring an additional 619 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company's stock worth $10,808,000 after acquiring an additional 104,643 shares during the last quarter. Jane Street Group LLC raised its position in shares of ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company's stock worth $3,218,000 after acquiring an additional 33,537 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of ArcBest by 3.4% during the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock valued at $1,421,000 after acquiring an additional 655 shares during the period. 99.27% of the stock is owned by institutional investors.

ArcBest Stock Up 3.3%

Shares of ArcBest stock opened at $140.34 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The business has a fifty day simple moving average of $146.20 and a 200 day simple moving average of $124.94. The stock has a market cap of $3.14 billion, a PE ratio of 203.39, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share 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 firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. The company's quarterly revenue was up 15.9% on a year-over-year basis. Research analysts predict that ArcBest Corporation will post 6.9 EPS for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. ArcBest's dividend payout ratio is 69.57%.

Insider Buying and Selling

In related news, insider Erin K. Gattis sold 6,163 shares of ArcBest stock in a transaction that occurred 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 of the company's stock, valued at $3,400,040. This trade represents a 20.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Judy R. Mcreynolds sold 2,857 shares of the business's stock in a transaction that occurred 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 transaction, the director owned 50,048 shares of the company's stock, valued at approximately $6,955,671.04. This represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,963 shares of company stock worth $1,678,066 over the last quarter. 0.98% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on ARCB. Bank of America raised their price target on ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, June 5th. Zacks Research cut ArcBest from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 5th. Wells Fargo & Company upped their target price on shares of ArcBest from $130.00 to $150.00 and gave the company an "equal weight" rating in a research report on Friday, June 5th. Citigroup reduced their target price on shares of ArcBest from $178.00 to $171.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $172.00 price target on shares of ArcBest in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $154.23.

About ArcBest

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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