Maple Rock Capital Partners Inc. Purchases 131,400 Shares of ArcBest Corporation $ARCB

Key Points

• Maple Rock Capital Partners increased its ArcBest stake by 32.5%, purchasing 131,400 shares to own 535,746 shares worth approximately $76.9 million, or 2.4% of the company.
• ArcBest reported quarterly EPS of $2.38, beating estimates of $2.26, while revenue rose 15.9% year over year to $1.18 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $154.23.
• Insiders sold 11,963 shares worth approximately $1.68 million over the past three months, while ArcBest paid a quarterly dividend of $0.12 per share, equivalent to a 0.3% yield.

Maple Rock Capital Partners Inc. increased its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 32.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 535,746 shares of the transportation company's stock after buying an additional 131,400 shares during the period. ArcBest comprises approximately 1.5% of Maple Rock Capital Partners Inc.'s holdings, making the stock its 19th largest holding. Maple Rock Capital Partners Inc. owned about 2.40% of ArcBest worth $76,901,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Quantinno Capital Management LP lifted its position in ArcBest by 101.9% during the first quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company's stock valued at $2,049,000 after acquiring an additional 10,511 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of ArcBest by 349.9% in the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company's stock valued at $36,634,000 after purchasing an additional 384,024 shares during the last quarter. BlackRock Inc. acquired a new stake in ArcBest in the 2nd quarter worth approximately $503,476,000. Northwestern Mutual Wealth Management Co. grew its position 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 worth $9,073,000 after purchasing an additional 121,652 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in ArcBest during the 1st quarter valued at approximately $2,579,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. TD Cowen lowered their price objective on shares of ArcBest from $175.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, July 30th. Stephens upgraded ArcBest to a "strong-buy" rating in a research note on Wednesday, July 8th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ArcBest in a research report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their price target on ArcBest from $117.00 to $147.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. Finally, Bank of America increased their price objective on ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, ArcBest has an average rating of "Moderate Buy" and a consensus price target of $154.23.

Insider Activity

In other news, Director Judy R. Mcreynolds sold 2,857 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the sale, the director owned 50,048 shares in the company, valued at $6,955,671.04. This represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the sale, the insider directly owned 24,286 shares in the company, valued at approximately $3,400,040. This trade represents a 20.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,963 shares of company stock valued at $1,678,066. Insiders own 0.98% of the company's stock.

ArcBest Stock Up 1.0%

ARCB stock opened at $137.97 on Tuesday. The company has a market capitalization of $3.08 billion, a P/E ratio of 199.96, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The firm's fifty day simple moving average is $144.57 and its 200-day simple moving average is $126.34. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The firm's revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.36 earnings per share. As a group, equities research analysts forecast that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Announces Dividend

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

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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