The Manufacturers Life Insurance Company Buys Shares of 101,751 ArcBest Corporation $ARCB

Key Points

• The Manufacturers Life Insurance Company acquired 101,751 ArcBest shares worth approximately $14.6 million, while institutional investors collectively own 99.27% of the stock.
• Analysts maintain a generally positive outlook, with ArcBest holding a consensus “Moderate Buy” rating and an average price target of $154.23. Recent targets range from $154 at UBS to $180 at Morgan Stanley.
• ArcBest exceeded quarterly expectations, reporting $2.38 in earnings per share versus a $2.26 estimate and $1.18 billion in revenue, up 15.9% year over year. Insiders have nonetheless sold nearly 12,000 shares worth about $1.68 million over the past 90 days.

The Manufacturers Life Insurance Company acquired a new stake in ArcBest Corporation (NASDAQ:ARCB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 101,751 shares of the transportation company's stock, valued at approximately $14,605,000. The Manufacturers Life Insurance Company owned about 0.46% of ArcBest as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ARCB. C M Bidwell & Associates Ltd. bought a new position in ArcBest in the second quarter worth approximately $74,000. Northwestern Mutual Wealth Management Co. purchased a new position in ArcBest in the second quarter valued at about $92,000. Federated Hermes Inc. grew its position in shares of ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company's stock worth $75,000 after buying an additional 567 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of ArcBest during the second quarter worth $85,000. Finally, Hantz Financial Services Inc. increased its position in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company's stock valued at $83,000 after buying an additional 934 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of ArcBest from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ArcBest in a report on Tuesday. UBS Group lifted their price objective on shares of ArcBest from $145.00 to $154.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Morgan Stanley boosted their price objective on ArcBest from $150.00 to $180.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Truist Financial upped their price target on shares of ArcBest from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, ArcBest has a consensus rating of "Moderate Buy" and an average target price of $154.23.

Insider Buying and Selling at ArcBest

In related news, Director Judy R. Mcreynolds sold 2,857 shares of the business's stock in a transaction 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 completion of the transaction, the director owned 50,048 shares in the company, valued at approximately $6,955,671.04. The trade was a 5.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the 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 transaction, the insider owned 24,286 shares in the company, valued at $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 11,963 shares of company stock valued at $1,678,066. Corporate insiders own 0.98% of the company's stock.

ArcBest Price Performance

Shares of ARCB stock opened at $136.54 on Friday. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The company has a market capitalization of $3.05 billion, a PE ratio of 197.88, a price-to-earnings-growth ratio of 0.46 and a beta of 1.57. The firm's 50-day moving average is $144.72 and its two-hundred day moving average is $125.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.12. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The firm's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.36 earnings per share. Analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Dividend Announcement

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

About ArcBest

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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