Nuveen LLC Invests $18.46 Million in ArcBest Corporation $ARCB

Key Points

• Nuveen LLC has acquired a new stake in ArcBest Corporation, purchasing 261,549 shares valued at approximately $18.46 million, representing about 1.14% of the company's stock.
• ArcBest's latest quarterly earnings report revealed an earnings per share (EPS) of $1.36, falling short of expectations, with a revenue of $1.02 billion, down 5.1% compared to the previous year.
• The transportation company has announced a quarterly dividend of $0.12 per share, translating to an annualized yield of 0.7%, set to be paid on August 22nd.

Nuveen LLC bought a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 261,549 shares of the transportation company's stock, valued at approximately $18,460,000. Nuveen LLC owned approximately 1.14% of ArcBest as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Summit Investment Advisors Inc. grew its stake in shares of ArcBest by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company's stock valued at $230,000 after buying an additional 157 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of ArcBest by 7.1% in the first quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company's stock valued at $304,000 after buying an additional 285 shares in the last quarter. Signaturefd LLC grew its stake in shares of ArcBest by 477.6% in the first quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock valued at $27,000 after buying an additional 320 shares in the last quarter. CWM LLC grew its stake in shares of ArcBest by 338.8% in the first quarter. CWM LLC now owns 452 shares of the transportation company's stock valued at $32,000 after buying an additional 349 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in ArcBest by 4.9% in the first quarter. US Bancorp DE now owns 7,555 shares of the transportation company's stock valued at $533,000 after purchasing an additional 355 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

ArcBest Stock Performance

NASDAQ:ARCB traded down $2.22 during trading hours on Monday, reaching $74.87. 323,767 shares of the stock were exchanged, compared to its average volume of 390,309. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $76.48 and a 200-day simple moving average of $72.31. ArcBest Corporation has a 52 week low of $55.19 and a 52 week high of $123.25. The stock has a market capitalization of $1.70 billion, a P/E ratio of 11.14, a P/E/G ratio of 0.89 and a beta of 1.69.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business earned $1.98 EPS. The company's quarterly revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest's dividend payout ratio (DPR) is currently 7.14%.

Analysts Set New Price Targets

ARCB has been the subject of a number of analyst reports. The Goldman Sachs Group raised ArcBest from a "neutral" rating to a "buy" rating and increased their price target for the company from $84.00 to $101.00 in a report on Monday, June 2nd. TD Cowen reduced their price target on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Stifel Nicolaus reduced their price target on ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Wells Fargo & Company reduced their price target on ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Finally, Zacks Research raised ArcBest to a "strong sell" rating in a report on Monday, August 11th. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $90.00.

ArcBest Company Profile

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.