LSV Asset Management Has $33.64 Million Stake in ArcBest Corporation (NASDAQ:ARCB)

Key Points

• LSV Asset Management has reduced its stake in ArcBest Corporation by 4.3%, holding approximately 2.06% of the company valued at $33.6 million after selling 21,600 shares.
• Multiple hedge funds have adjusted their positions in ArcBest, with US Bancorp increasing its holdings by 4.9% and GSA Capital Partners raising theirs by 146.8% during the first quarter.
• ArcBest recently announced a quarterly dividend of $0.12 per share, yielding 0.7%, with the ex-dividend date set for August 8th.

LSV Asset Management reduced its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 476,549 shares of the transportation company's stock after selling 21,600 shares during the period. LSV Asset Management owned approximately 2.06% of ArcBest worth $33,635,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Crossmark Global Holdings Inc. raised its holdings in ArcBest by 7.1% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company's stock worth $304,000 after buying an additional 285 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of ArcBest in the first quarter valued at approximately $381,000. Elevation Point Wealth Partners LLC raised its holdings in shares of ArcBest by 33.3% in the first quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock valued at $215,000 after purchasing an additional 762 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of ArcBest by 185.3% in the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock valued at $101,000 after purchasing an additional 932 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of ArcBest in the fourth quarter valued at approximately $5,826,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Performance

Shares of NASDAQ:ARCB traded down $0.65 on Wednesday, hitting $74.10. The company had a trading volume of 336,180 shares, compared to its average volume of 383,455. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 0.84 and a beta of 1.69. The stock has a 50 day moving average price of $74.60 and a 200 day moving average price of $74.80. The company has a current ratio of 0.96, a quick ratio of 1.00 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its earnings results 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). The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company's revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.98 EPS. Analysts expect that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.6%. ArcBest's dividend payout ratio is currently 7.14%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ARCB. TD Cowen lowered their price objective on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Citigroup lifted their price objective on shares of ArcBest from $67.00 to $89.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Wells Fargo & Company decreased their target price on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and raised their target price for the company from $63.00 to $74.00 in a research note on Tuesday, June 10th. Finally, UBS Group decreased their target price on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating for the company in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $90.00.

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.