SG Americas Securities LLC Takes Position in ArcBest Corporation (NASDAQ:ARCB)

SG Americas Securities LLC purchased a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,440 shares of the transportation company's stock, valued at approximately $384,000.

A number of other hedge funds have also modified their holdings of ARCB. Vanguard Group Inc. grew its holdings in ArcBest by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company's stock valued at $258,601,000 after purchasing an additional 20,665 shares during the period. Alliancebernstein L.P. boosted its position in shares of ArcBest by 9.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company's stock worth $240,011,000 after purchasing an additional 220,325 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in shares of ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company's stock valued at $59,338,000 after buying an additional 16,239 shares during the period. American Century Companies Inc. increased its position in shares of ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company's stock valued at $57,758,000 after buying an additional 86,867 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ArcBest by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company's stock valued at $39,769,000 after buying an additional 11,894 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Up 1.3%

Shares of NASDAQ:ARCB traded up $0.96 during trading on Friday, hitting $75.55. 1,119,479 shares of the company were exchanged, compared to its average volume of 314,389. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $129.83. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 0.80 and a beta of 1.68. 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 firm has a fifty day moving average price of $65.17 and a two-hundred day moving average price of $78.10.

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 return on equity of 10.05% and a net margin of 4.37%. The firm had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. During the same quarter in the previous year, the firm posted $1.34 earnings per share. ArcBest's quarterly revenue was down 6.7% on a year-over-year basis. As a group, research analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.64%. ArcBest's dividend payout ratio is presently 6.35%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Bank of America upgraded ArcBest from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. TD Cowen lowered their target price on ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. UBS Group dropped their target price on shares of ArcBest from $100.00 to $64.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Truist Financial reduced their price target on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Stifel Nicolaus lowered their price objective on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $89.42.

About ArcBest

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.