Wasatch Advisors LP lowered its holdings in ArcBest Corporation (NASDAQ:ARCB – Free Report) by 10.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 102,575 shares of the transportation company’s stock after selling 12,503 shares during the quarter. Wasatch Advisors LP owned 0.46% of ArcBest worth $10,089,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position 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 period. Dimensional Fund Advisors LP boosted its stake in shares of ArcBest by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,349,439 shares of the transportation company’s stock worth $100,117,000 after acquiring an additional 7,816 shares in the last quarter. Invesco Ltd. grew its holdings in shares of ArcBest by 625.4% in the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after acquiring an additional 793,607 shares during the period. American Century Companies Inc. grew its holdings in shares of ArcBest by 9.6% in the 3rd quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock worth $57,090,000 after acquiring an additional 71,420 shares during the period. Finally, Turtle Creek Asset Management Inc. purchased a new position in ArcBest in the 3rd quarter valued at approximately $39,508,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have commented on the company. Citigroup boosted their target price on ArcBest from $150.00 to $202.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Zacks Research raised ArcBest from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Weiss Ratings lowered shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on shares of ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, Stifel Nicolaus lifted their target price on shares of ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.42.
ArcBest Trading Down 2.5%
Shares of ARCB opened at $146.29 on Friday. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a market capitalization of $3.26 billion, a PE ratio of 60.20, a price-to-earnings-growth ratio of 0.66 and a beta of 1.55. The stock has a fifty day moving average of $134.93 and a two-hundred day moving average of $107.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93.
ArcBest (NASDAQ:ARCB – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, analysts forecast that ArcBest Corporation will post 5.87 EPS for the current year.
ArcBest Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were issued a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 annualized dividend and a yield of 0.3%. ArcBest’s payout ratio is 19.75%.
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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