Readystate Asset Management LP Invests $418,000 in ArcBest Corporation (NASDAQ:ARCB)

Readystate Asset Management LP bought a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,917 shares of the transportation company's stock, valued at approximately $418,000.

Other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in shares of ArcBest by 10.9% in the first quarter. Victory Capital Management Inc. now owns 257,933 shares of the transportation company's stock worth $18,205,000 after purchasing an additional 25,306 shares during the period. Signaturefd LLC boosted its holdings in shares of ArcBest by 477.6% in the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after acquiring an additional 320 shares in the last quarter. MQS Management LLC acquired a new position in shares of ArcBest in the 1st quarter worth approximately $220,000. CWM LLC raised its position in shares of ArcBest by 338.8% during the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock valued at $32,000 after acquiring an additional 349 shares during the last quarter. Finally, Stephens Inc. AR raised its position in shares of ArcBest by 5.1% during the 1st quarter. Stephens Inc. AR now owns 8,540 shares of the transportation company's stock valued at $603,000 after acquiring an additional 412 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Ratings Changes

ARCB has been the subject of several recent research reports. UBS Group upped their target price on shares of ArcBest from $64.00 to $84.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upped their target price on shares of ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Citigroup upped their target price on shares of ArcBest from $67.00 to $89.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Jefferies Financial Group restated a "buy" rating and issued a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Finally, Wall Street Zen upgraded shares of ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $94.00.

ArcBest Price Performance

ArcBest stock traded up $2.06 during mid-day trading on Friday, reaching $86.21. The company had a trading volume of 350,405 shares, compared to its average volume of 402,780. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.98 billion, a P/E ratio of 11.40, a P/E/G ratio of 0.92 and a beta of 1.71. The business has a fifty day simple moving average of $72.86 and a 200 day simple moving average of $75.90.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The company had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. During the same quarter in the prior year, the business earned $1.34 EPS. The business's quarterly revenue was down 6.7% on a year-over-year basis. On average, equities research analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.56%. ArcBest's dividend payout ratio (DPR) is presently 6.35%.

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.