Squarepoint Ops LLC Buys Shares of 29,218 ArcBest Corporation $ARCB

Key Points

• Squarepoint Ops LLC acquired 29,218 ArcBest shares worth approximately $4.2 million, giving it a 0.13% stake. Institutional investors and hedge funds collectively own 99.27% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $154.23, above ArcBest’s recent $134.86 share price.
• ArcBest exceeded quarterly earnings and revenue expectations, reporting $2.38 in EPS and $1.18 billion in revenue, while insiders sold 11,963 shares worth about $1.68 million over the past three months.

Squarepoint Ops LLC bought a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 29,218 shares of the transportation company's stock, valued at approximately $4,194,000. Squarepoint Ops LLC owned about 0.13% of ArcBest at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Glenmede Trust Co. NA increased its position in ArcBest by 1.5% in the 1st quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company's stock valued at $606,000 after acquiring an additional 93 shares during the period. Federation des caisses Desjardins du Quebec increased its holdings in shares of ArcBest by 0.4% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company's stock valued at $1,706,000 after purchasing an additional 100 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of ArcBest by 8.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after purchasing an additional 134 shares in the last quarter. ProShare Advisors LLC lifted its holdings in ArcBest by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company's stock worth $329,000 after purchasing an additional 135 shares during the period. Finally, Stephens Inc. AR lifted its holdings in ArcBest by 2.2% in the fourth quarter. Stephens Inc. AR now owns 6,909 shares of the transportation company's stock worth $535,000 after purchasing an additional 150 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on ARCB. TD Cowen lowered their target price on shares of ArcBest from $175.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, July 30th. Truist Financial increased their price objective on shares of ArcBest from $145.00 to $165.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Bank of America raised their price objective on shares of ArcBest from $138.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, June 5th. Stephens raised ArcBest to a "strong-buy" rating in a report on Wednesday, July 8th. Finally, UBS Group upped their target price on ArcBest from $145.00 to $154.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $154.23.

Insider Activity at ArcBest

In other news, Director Judy McReynolds sold 2,857 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the sale, the director owned 50,048 shares in the company, valued at $6,955,671.04. The trade was a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erin Gattis sold 6,163 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the sale, the insider owned 24,286 shares of the company's stock, valued at approximately $3,400,040. This trade represents a 20.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 11,963 shares of company stock worth $1,678,066. 0.98% of the stock is currently owned by insiders.

ArcBest Trading Down 0.1%

Shares of NASDAQ ARCB opened at $134.86 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 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 $176.69. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 195.45, a P/E/G ratio of 0.41 and a beta of 1.55. The business has a fifty day simple moving average of $143.30 and a 200-day simple moving average of $128.22.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share 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 analysts' expectations of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.ArcBest's revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the business posted $1.36 EPS. Sell-side analysts predict that ArcBest Corporation will post 6.95 EPS for the current year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, August 7th. ArcBest's dividend payout ratio (DPR) is 69.57%.

ArcBest Profile

ArcBest Corporation NASDAQ: ARCB is a North American logistics company headquartered in Fort Smith, Arkansas. Through its subsidiaries and service offerings, the company provides freight transportation, supply chain management and logistics solutions for businesses of various sizes.

Its asset-based operations are primarily conducted through ABF Freight, a less-than-truckload carrier that transports palletized and other freight across the United States, Canada and Mexico. ABF Freight offers regional, interregional and long-haul services, as well as time-critical, expedited, guaranteed and specialized transportation solutions.

ArcBest also provides asset-light logistics services, including truckload, expedited, final-mile, intermodal, international and managed transportation solutions.

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