Royce & Associates LP Sells 27,571 Shares of ArcBest Corporation $ARCB

Key Points

• Royce & Associates LP cut its ArcBest position by 28.2% in the fourth quarter, selling 27,571 shares and leaving it with 70,246 shares valued at about $5.21 million.
• Several analysts turned more bullish on ArcBest, with firms including Truist Financial, Stifel Nicolaus, Zacks Research, and Citigroup raising targets or ratings; the stock now has a consensus Moderate Buy rating and an average price target of $123.42.
• ArcBest reported stronger-than-expected quarterly earnings of $0.32 per share versus estimates of $0.27, while revenue rose 3.3% year over year to $998.79 million; the stock was recently trading near its 12-month high at $136.69.

Royce & Associates LP lessened its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 28.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,246 shares of the transportation company's stock after selling 27,571 shares during the quarter. Royce & Associates LP owned approximately 0.31% of ArcBest worth $5,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ARCB. AQR Capital Management LLC grew its position in shares of 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 buying an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ArcBest by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company's stock worth $989,000 after buying an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company's stock worth $10,808,000 after buying an additional 104,643 shares in the last quarter. Jane Street Group LLC grew its position in shares of ArcBest by 278.2% during the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company's stock worth $3,218,000 after buying an additional 33,537 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock worth $1,421,000 after buying an additional 655 shares in the last quarter. Institutional investors own 99.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ARCB shares. Truist Financial increased their price target on ArcBest from $95.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Stifel Nicolaus increased their price target on ArcBest from $116.00 to $134.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Zacks Research raised ArcBest from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Weiss Ratings downgraded ArcBest from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday. Finally, Citigroup raised their price objective on ArcBest from $122.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $123.42.

ArcBest Stock Performance

Shares of ARCB stock opened at $136.69 on Friday. The business's fifty day simple moving average is $113.61 and its 200-day simple moving average is $94.82. The company has a market cap of $3.04 billion, a PE ratio of 56.25, a PEG ratio of 0.72 and a beta of 1.55. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12-month low of $59.43 and a 12-month high of $138.00.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million for the quarter, compared to the consensus estimate of $999.07 million. During the same period in the prior year, the firm posted $0.51 earnings per share. The business's quarterly revenue was up 3.3% on a year-over-year basis. Analysts expect that ArcBest Corporation will post 5.29 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest's dividend payout ratio (DPR) is 19.75%.

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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