Walleye Capital LLC Purchases Shares of 26,224 ArcBest Corporation $ARCB

Key Points

• Walleye Capital LLC opened a new position in ArcBest, buying 26,224 shares valued at about $2.58 million, which represented roughly 0.12% of the company.
• Several other institutional investors also increased or adjusted their stakes in ArcBest, and institutional ownership remains very high at 99.27% of the stock.
• Analysts are generally positive on ArcBest, with a consensus rating of “Moderate Buy” and an average price target of $155.08; the stock recently traded at $156.99 after the company beat quarterly EPS estimates.

Walleye Capital LLC purchased a new position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 26,224 shares of the transportation company's stock, valued at approximately $2,579,000. Walleye Capital LLC owned about 0.12% of ArcBest as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in ArcBest by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company's stock worth $181,852,000 after buying an additional 6,808 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in ArcBest by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company's stock valued at $137,429,000 after acquiring an additional 47,848 shares during the last quarter. Invesco Ltd. lifted its stake in ArcBest by 625.4% in the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company's stock valued at $68,292,000 after acquiring an additional 793,607 shares during the last quarter. Turtle Creek Asset Management Inc. bought a new position in shares of ArcBest in the 3rd quarter valued at about $39,508,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of ArcBest by 4.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company's stock valued at $36,394,000 after acquiring an additional 24,102 shares during the period. Institutional investors own 99.27% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ARCB. JPMorgan Chase & Co. boosted their price objective on shares of ArcBest from $117.00 to $147.00 and gave the stock a "neutral" rating in a research note on Monday, June 8th. Wells Fargo & Company boosted their price target on ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Friday, June 5th. Wall Street Zen upgraded ArcBest from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Zacks Research upgraded ArcBest from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Finally, Citigroup began coverage on ArcBest in a research report on Wednesday, July 15th. They issued a "market outperform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $155.08.

ArcBest Price Performance

Shares of ARCB opened at $156.99 on Friday. The company's 50-day moving average is $146.06 and its 200-day moving average is $117.23. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $3.50 billion, a PE ratio of 64.61, a PEG ratio of 0.56 and a beta of 1.57. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. During the same quarter in the previous year, the firm posted $0.51 EPS. ArcBest's revenue was up 3.3% compared to the same quarter last year. Equities analysts forecast that ArcBest Corporation will post 6.62 EPS for the current year.

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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