Sei Investments Co. increased its position in ArcBest Corporation (NASDAQ:ARCB – Free Report) by 102.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 53,687 shares of the transportation company’s stock after buying an additional 27,205 shares during the quarter. Sei Investments Co.’s holdings in ArcBest were worth $5,281,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in ArcBest by 625.4% during 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 period. Turtle Creek Asset Management Inc. acquired a new position in shares of ArcBest in the 3rd quarter valued at about $39,508,000. Principal Financial Group Inc. lifted its stake in shares of ArcBest by 349.9% in the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock valued at $36,634,000 after purchasing an additional 384,024 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares during the period. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of ArcBest during the 4th quarter worth about $20,402,000. Institutional investors and hedge funds own 99.27% of the company’s stock.
ArcBest Stock Performance
ArcBest stock opened at $144.31 on Wednesday. The firm has a market capitalization of $3.23 billion, a PE ratio of 209.14, a price-to-earnings-growth ratio of 0.45 and a beta of 1.57. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The stock’s 50 day moving average price is $149.47 and its 200 day moving average price is $120.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97.
ArcBest Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, August 7th. ArcBest’s dividend payout ratio is presently 69.57%.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Morgan Stanley raised their price target on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Wells Fargo & Company boosted their price objective on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. JPMorgan Chase & Co. increased their price objective on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Stephens raised shares of ArcBest to a “strong-buy” rating in a research note on Wednesday, July 8th. Finally, Truist Financial lifted their target price on shares of ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.23.
Check Out Our Latest Research Report on ArcBest
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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