Engineers Gate Manager LP acquired a new stake in shares of ArcBest (NASDAQ:ARCB) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 27,996 shares of the transportation company’s stock, valued at approximately $897,000. Engineers Gate Manager LP owned about 0.11% of ArcBest at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Swiss National Bank lifted its holdings in shares of ArcBest by 5.7% during the 1st quarter. Swiss National Bank now owns 42,500 shares of the transportation company’s stock valued at $1,362,000 after purchasing an additional 2,300 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of ArcBest by 5.5% during the 4th quarter. Victory Capital Management Inc. now owns 45,056 shares of the transportation company’s stock valued at $1,611,000 after purchasing an additional 2,351 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of ArcBest by 4.5% during the 1st quarter. New York State Teachers Retirement System now owns 57,886 shares of the transportation company’s stock valued at $1,855,000 after purchasing an additional 2,500 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ArcBest by 10.8% during the 3rd quarter. Wells Fargo & Company MN now owns 30,475 shares of the transportation company’s stock valued at $1,019,000 after purchasing an additional 2,974 shares during the last quarter. Finally, Elkfork Partners LLC purchased a new stake in shares of ArcBest during the 4th quarter valued at $113,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.
Several analysts have recently commented on ARCB shares. BidaskClub lowered ArcBest from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. Zacks Investment Research upgraded ArcBest from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective for the company in a report on Tuesday, April 3rd. Stifel Nicolaus reissued a “sell” rating and issued a $35.00 target price on shares of ArcBest in a research report on Thursday, January 25th. Cowen reissued a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of ArcBest in a research report on Friday, May 11th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $32.00 target price (up from $23.00) on shares of ArcBest in a research report on Wednesday, February 21st. Ten research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $35.00.
NASDAQ ARCB opened at $48.05 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.33 and a current ratio of 1.33. ArcBest has a 1 year low of $18.25 and a 1 year high of $49.85. The firm has a market capitalization of $1.27 billion, a P/E ratio of 26.39, a PEG ratio of 0.53 and a beta of 1.79.
ArcBest (NASDAQ:ARCB) last released its earnings results on Thursday, May 10th. The transportation company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.36. ArcBest had a return on equity of 7.79% and a net margin of 2.68%. The firm had revenue of $700.00 million for the quarter, compared to the consensus estimate of $689.24 million. During the same period in the prior year, the firm earned ($0.22) EPS. The firm’s revenue was up 7.5% on a year-over-year basis. analysts expect that ArcBest will post 2.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 29th. Investors of record on Tuesday, May 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Monday, May 14th. ArcBest’s payout ratio is 24.06%.
In other ArcBest news, SVP Michael E. Newcity sold 5,589 shares of the stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $47.00, for a total transaction of $262,683.00. Following the sale, the senior vice president now directly owns 40,000 shares of the company’s stock, valued at approximately $1,880,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.19% of the stock is owned by corporate insiders.
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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