Zimmer Partners LP Acquires 35,000 Shares of 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 increased its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,000 shares of the transportation company's stock after buying an additional 35,000 shares during the period. Zimmer Partners LP owned 0.61% of ArcBest worth $9,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Signaturefd LLC lifted its position in ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after buying an additional 320 shares in the last quarter. CWM LLC lifted its position in ArcBest by 338.8% during the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after buying an additional 349 shares in the last quarter. Curat Global LLC acquired a new position in ArcBest during the 1st quarter worth about $82,000. GAMMA Investing LLC lifted its position in ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after buying an additional 932 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in ArcBest during the 1st quarter worth about $143,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ARCB. Citigroup reduced their price target on shares of ArcBest from $83.00 to $79.00 and set a "neutral" rating on the stock in a research report on Wednesday. Morgan Stanley reduced their target price on shares of ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. The Goldman Sachs Group upgraded shares of ArcBest from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $84.00 to $101.00 in a research report on Monday, June 2nd. UBS Group lowered their price target on shares of ArcBest from $84.00 to $73.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $85.00 price target (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $89.17.

ArcBest Trading Down 4.1%

Shares of NASDAQ:ARCB traded down $3.00 during trading on Friday, hitting $70.33. 197,172 shares of the company's stock were exchanged, compared to its average volume of 251,639. The firm has a market cap of $1.60 billion, a P/E ratio of 10.47, a PEG ratio of 1.25 and a beta of 1.69. The firm has a 50-day moving average price of $75.94 and a two-hundred day moving average price of $70.69. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business's revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.98 earnings per share. Equities analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Friday, August 8th. ArcBest's dividend payout ratio (DPR) is currently 7.14%.

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.