Jupiter Topco LLC Makes New Investment in ArcBest Corporation $ARCB

Key Points

• Jupiter Topco bought 8,592 ArcBest shares worth approximately $1.23 million in the second quarter. Institutional investors collectively own 99.27% of the company, with BlackRock also establishing a sizable new position.
• ArcBest reported quarterly revenue of $1.18 billion, up 15.9% year over year, and earnings of $2.38 per share, beating analyst expectations of $2.26. Shares recently traded at $141.12, while analysts maintain a “Moderate Buy” consensus with a $154.23 target price.
• The company paid a quarterly dividend of $0.12 per share, equal to a $0.48 annualized payout and a 0.3% yield. Meanwhile, insiders sold 11,963 shares worth about $1.68 million over the past three months.

Jupiter Topco LLC purchased a new stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,592 shares of the transportation company's stock, valued at approximately $1,234,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Quantinno Capital Management LP lifted its holdings in shares of ArcBest by 101.9% during the first quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company's stock worth $2,049,000 after purchasing an additional 10,511 shares during the period. Principal Financial Group Inc. increased its holdings in ArcBest by 349.9% in the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company's stock worth $36,634,000 after buying an additional 384,024 shares during the period. BlackRock Inc. purchased a new position in ArcBest during the 2nd quarter worth approximately $503,476,000. Walleye Capital LLC acquired a new stake in ArcBest during the 1st quarter valued at approximately $2,579,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in ArcBest by 19,008.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 122,292 shares of the transportation company's stock valued at $9,073,000 after acquiring an additional 121,652 shares during the period. Hedge funds and other institutional investors own 99.27% of the company's stock.

ArcBest Trading Up 2.8%

Shares of ArcBest stock opened at $141.12 on Friday. The firm has a 50-day simple moving average of $143.77 and a two-hundred day simple moving average of $127.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a market cap of $3.15 billion, a P/E ratio of 204.52, a price-to-earnings-growth ratio of 0.46 and a beta of 1.55.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.17 billion. During the same period last year, the firm earned $1.36 EPS. The company's quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, August 7th. ArcBest's dividend payout ratio (DPR) is presently 69.57%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ARCB. Zacks Research lowered shares of ArcBest from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of ArcBest from $117.00 to $147.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ArcBest in a report on Tuesday, August 25th. Morgan Stanley increased their price target on ArcBest from $150.00 to $180.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company boosted their price objective on ArcBest from $130.00 to $150.00 and gave the company an "equal weight" rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $154.23.

Insider Activity at ArcBest

In other news, insider Erin Gattis sold 6,163 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the sale, the insider directly owned 24,286 shares in the company, valued at $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Judy 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 value of $397,065.86. Following the completion of the sale, the director owned 50,048 shares of the company's stock, valued at $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 11,963 shares of company stock worth $1,678,066. 0.98% of the stock is owned by corporate insiders.

ArcBest Company Profile

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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