Corient Private Wealth LP Invests $1.54 Million in ArcBest Corporation $ARCB

Corient Private Wealth LP purchased a new position in ArcBest Corporation (NASDAQ:ARCBFree Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,761 shares of the transportation company’s stock, valued at approximately $1,545,000.

A number of other large investors have also added to or reduced their stakes in the stock. Quantinno Capital Management LP boosted its stake in ArcBest by 101.9% in the first quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company’s stock valued at $2,049,000 after acquiring an additional 10,511 shares during the last quarter. Principal Financial Group Inc. lifted its stake in ArcBest by 349.9% in the fourth 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 during the last quarter. BlackRock Inc. bought a new position in ArcBest during the second quarter valued at $503,476,000. Northwestern Mutual Wealth Management Co. grew its holdings in ArcBest by 19,008.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 122,292 shares of the transportation company’s stock valued at $9,073,000 after purchasing an additional 121,652 shares during the period. Finally, Walleye Capital LLC purchased a new stake in ArcBest in the first quarter worth $2,579,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Insider Activity

In other ArcBest news, insider Erin Gattis sold 6,163 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the transaction, the insider directly owned 24,286 shares in the company, valued at $3,400,040. This represents a 20.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Judy McReynolds sold 2,857 shares of ArcBest stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the sale, the director owned 50,048 shares of the company’s stock, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is owned by company insiders.

ArcBest Trading Up 2.5%

Shares of ArcBest stock opened at $137.34 on Friday. The company’s 50-day moving average price is $143.87 and its 200-day moving average price is $126.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12-month low of $59.43 and a 12-month high of $176.69. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 199.04, a PEG ratio of 0.44 and a beta of 1.55.

ArcBest (NASDAQ:ARCBGet Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. ArcBest’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts expect that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 annualized dividend and a yield of 0.3%. ArcBest’s dividend payout ratio (DPR) is currently 69.57%.

Analysts Set New Price Targets

ARCB has been the topic of a number of recent research reports. Stephens raised ArcBest to a “strong-buy” rating in a research report on Wednesday, July 8th. Truist Financial upped their price objective on shares of ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Stifel Nicolaus lifted their target price on shares of ArcBest from $134.00 to $176.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Wells Fargo & Company upped their price target on shares of ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of ArcBest in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.23.

View Our Latest Report on ARCB

About ArcBest

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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