Zimmer Partners LP Grows Stock Holdings in ArcBest Corporation $ARCB

Key Points

• Zimmer Partners LP increased its stake in ArcBest Corporation by 33.3%, acquiring an additional 35,000 shares, bringing their total holdings to 140,000 shares worth approximately $9.88 million.
• Several institutional investors significantly boosted their positions in ArcBest during the first quarter, with increases of up to 477.6% noted in some cases, leading to a total institutional ownership of 99.27%.
• The company reported earnings of $1.36 per share for the last quarter, missing estimates, and also declared a quarterly dividend of $0.12 per share.

Zimmer Partners LP grew its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 33.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 140,000 shares of the transportation company's stock after acquiring an additional 35,000 shares during the quarter. Zimmer Partners LP owned about 0.61% of ArcBest worth $9,881,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Empowered Funds LLC purchased a new position in shares of ArcBest in the 1st quarter worth $5,372,000. Caxton Associates LLP bought a new stake in shares of ArcBest in the 1st quarter worth about $1,194,000. Seven Six Capital Management LLC raised its position in shares of ArcBest by 21.6% during the 1st quarter. Seven Six Capital Management LLC now owns 55,232 shares of the transportation company's stock valued at $3,898,000 after buying an additional 9,825 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company's stock valued at $989,000 after acquiring an additional 619 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in ArcBest by 28.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 389,813 shares of the transportation company's stock worth $27,513,000 after acquiring an additional 85,388 shares in the last quarter. Institutional investors own 99.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ARCB. The Goldman Sachs Group upgraded ArcBest from a "neutral" rating to a "buy" rating and increased their price target for the company from $84.00 to $101.00 in a report on Monday, June 2nd. Morgan Stanley cut their price objective on shares of ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Wells Fargo & Company lowered their target price on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating and set a $85.00 price target (up from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $89.17.

ArcBest Trading Up 3.7%

NASDAQ:ARCB traded up $2.64 during midday trading on Thursday, hitting $73.33. The stock had a trading volume of 265,641 shares, compared to its average volume of 254,383. The stock has a 50-day moving average of $76.20 and a 200 day moving average of $70.91. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.24 and a beta of 1.69. ArcBest Corporation has a one year low of $55.19 and a one year high of $123.25. The company has a quick ratio of 0.96, 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 EPS 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 firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the prior year, the business posted $1.98 EPS. The business's quarterly revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. ArcBest's payout ratio is 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.