Seelaus Asset Management LLC Takes $253,000 Position in ArcBest Corporation (NASDAQ:ARCB)

Key Points

• Seelaus Asset Management LLC acquired 3,590 shares of ArcBest Corporation, valued at approximately $253,000, marking a new investment in the company.
• Multiple institutional investors have significantly increased their holdings in ArcBest, with Signaturefd LLC raising its stake by 477.6% in the first quarter alone.
• ArcBest's quarterly earnings report showed a decline in revenue by 5.1% year-over-year, with an EPS of $1.36, missing analysts' estimates.

Seelaus Asset Management LLC purchased a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,590 shares of the transportation company's stock, valued at approximately $253,000.

Other hedge funds have also bought and sold shares of the company. Signaturefd LLC boosted its holdings in ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after acquiring an additional 320 shares during the last quarter. CWM LLC boosted its holdings in ArcBest by 338.8% during the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after acquiring an additional 349 shares during the last quarter. Curat Global LLC purchased a new position in ArcBest during the 1st quarter worth $82,000. GAMMA Investing LLC boosted its holdings in ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after acquiring an additional 932 shares during the last quarter. Finally, Lido Advisors LLC purchased a new position in ArcBest during the 4th quarter worth $211,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of recent analyst reports. Morgan Stanley lowered their target price on ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. The Goldman Sachs Group raised shares of ArcBest from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $84.00 to $101.00 in a report on Monday, June 2nd. Wells Fargo & Company cut their price target on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. UBS Group cut their price target on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Finally, Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $90.00.

ArcBest Stock Performance

ArcBest stock traded down $0.61 during midday trading on Friday, reaching $70.92. The stock had a trading volume of 90,901 shares, compared to its average volume of 380,423. ArcBest Corporation has a 12 month low of $55.19 and a 12 month high of $123.25. The firm's 50-day moving average price is $74.94 and its 200 day moving average price is $74.60. The firm has a market capitalization of $1.61 billion, a PE ratio of 10.56, a P/E/G ratio of 0.85 and a beta of 1.69. The company has a quick ratio of 1.00, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

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

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, August 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. ArcBest's dividend payout ratio is currently 7.14%.

ArcBest 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.