Janney Montgomery Scott LLC Acquires New Shares in ArcBest Corporation (NASDAQ:ARCB)

Janney Montgomery Scott LLC acquired a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,399 shares of the transportation company's stock, valued at approximately $381,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Elevation Point Wealth Partners LLC lifted its stake in ArcBest by 33.3% during the first quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock worth $215,000 after purchasing an additional 762 shares in the last quarter. SG Americas Securities LLC acquired a new position in ArcBest during the first quarter worth $384,000. GAMMA Investing LLC lifted its stake in ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after purchasing an additional 932 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in ArcBest by 7,152.4% during the first quarter. Harbor Capital Advisors Inc. now owns 6,092 shares of the transportation company's stock worth $430,000 after purchasing an additional 6,008 shares in the last quarter. Finally, Curat Global LLC acquired a new position in ArcBest during the first quarter worth $82,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Performance

Shares of ARCB stock opened at $83.10 on Friday. The stock's 50-day moving average is $67.24 and its two-hundred day moving average is $77.40. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 0.88 and a beta of 1.71. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $129.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $967.08 million for the quarter, compared to analysts' expectations of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The business's revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.34 EPS. Analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest's payout ratio is 6.35%.

Analyst Ratings Changes

A number of analysts have recently weighed in on ARCB shares. Stephens reaffirmed an "overweight" rating and set a $116.00 price objective on shares of ArcBest in a research report on Tuesday, March 11th. Wells Fargo & Company cut their price objective on ArcBest from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Jefferies Financial Group reaffirmed a "buy" rating and set a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Citigroup cut their price objective on ArcBest from $83.00 to $66.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, Wall Street Zen raised ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $89.42.

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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