Oliver Luxxe Assets LLC Reduces Stock Holdings in ArcBest Corporation $ARCB

Key Points

• Oliver Luxxe Assets LLC cut its ArcBest stake by 45.3% in the second quarter, selling 9,396 shares and retaining 11,324 shares valued at approximately $1.63 million. Institutional investors collectively own 99.27% of the company.
• Analysts maintain a generally positive outlook, with ArcBest receiving a consensus “Moderate Buy” rating and an average price target of $154.23; targets from several firms range as high as $180.
• ArcBest exceeded quarterly earnings and revenue estimates, reporting $2.38 EPS and $1.18 billion in revenue, with revenue up 15.9% year over year. The company also declared a quarterly dividend of $0.12 per share, while insiders sold $1.28 million of stock over the past quarter.

Oliver Luxxe Assets LLC lowered its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 45.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,324 shares of the transportation company's stock after selling 9,396 shares during the quarter. Oliver Luxxe Assets LLC owned approximately 0.05% of ArcBest worth $1,625,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. AQR Capital Management LLC raised its stake in ArcBest by 300.3% during the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company's stock worth $1,898,000 after acquiring an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ArcBest by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company's stock valued at $989,000 after acquiring an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in ArcBest by 215.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company's stock valued at $10,808,000 after acquiring an additional 104,643 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company's stock worth $3,218,000 after purchasing an additional 33,537 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of ArcBest by 3.4% during the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock worth $1,421,000 after purchasing an additional 655 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ARCB. Stifel Nicolaus boosted their target price on ArcBest from $134.00 to $176.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. The Goldman Sachs Group restated a "buy" rating and set a $172.00 price target on shares of ArcBest in a research note on Wednesday, July 29th. Morgan Stanley boosted their price objective on ArcBest from $150.00 to $180.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Zacks Research downgraded ArcBest from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of ArcBest from $117.00 to $147.00 and gave the stock a "neutral" rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, ArcBest has a consensus rating of "Moderate Buy" and an average target price of $154.23.

ArcBest Price Performance

Shares of ARCB opened at $137.76 on Monday. 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 capitalization of $3.08 billion, a price-to-earnings ratio of 199.65, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57. The firm has a 50-day simple moving average of $149.68 and a 200-day simple moving average of $121.55. 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 (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.12. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business's revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the company posted $1.36 earnings per share. On average, equities research analysts anticipate that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 7th. ArcBest's dividend payout ratio (DPR) is 69.57%.

Insider Activity at ArcBest

In other news, insider Erin K. 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 transaction, the insider owned 24,286 shares of the company's stock, valued at approximately $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Judy R. Mcreynolds sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $144.78, for a total value of $217,170.00. Following the sale, the director owned 61,348 shares of the company's stock, valued at $8,881,963.44. This trade represents a 2.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,106 shares of company stock worth $1,281,000 over the last quarter. Company insiders own 0.98% of the company's stock.

ArcBest 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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