Engineers Gate Manager LP boosted its holdings in ArcBest Corp (NASDAQ:ARCB) by 36.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,133 shares of the transportation company’s stock after acquiring an additional 10,137 shares during the quarter. Engineers Gate Manager LP’s holdings in ArcBest were worth $1,743,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Mutual Advisors LLC acquired a new stake in ArcBest in the first quarter valued at $659,000. Prudential Financial Inc. grew its holdings in ArcBest by 24.3% in the first quarter. Prudential Financial Inc. now owns 75,546 shares of the transportation company’s stock valued at $2,421,000 after purchasing an additional 14,750 shares during the last quarter. Citigroup Inc. grew its holdings in ArcBest by 10.1% in the first quarter. Citigroup Inc. now owns 92,856 shares of the transportation company’s stock valued at $2,976,000 after purchasing an additional 8,538 shares during the last quarter. Millennium Management LLC grew its holdings in ArcBest by 52.0% in the fourth quarter. Millennium Management LLC now owns 145,821 shares of the transportation company’s stock valued at $5,213,000 after purchasing an additional 49,894 shares during the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in ArcBest in the fourth quarter valued at $458,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.
ARCB opened at $45.90 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.21 billion, a P/E ratio of 19.42, a P/E/G ratio of 0.36 and a beta of 1.92. ArcBest Corp has a 52 week low of $25.02 and a 52 week high of $50.45.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Investors of record on Friday, August 10th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend is Thursday, August 9th. ArcBest’s payout ratio is currently 24.06%.
Several research firms have weighed in on ARCB. BidaskClub lowered ArcBest from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Zacks Investment Research lowered ArcBest from a “buy” rating to a “hold” rating in a report on Monday, April 23rd. Buckingham Research upped their target price on ArcBest from $43.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. ValuEngine raised ArcBest from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 12th. Finally, Cowen reissued a “market perform” rating and issued a $41.00 target price (up previously from $39.00) on shares of ArcBest in a report on Friday, May 11th. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. ArcBest has an average rating of “Hold” and a consensus target price of $44.25.
In related news, Director William Legg sold 9,947 shares of the stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $47.06, for a total transaction of $468,105.82. Following the sale, the director now owns 26,200 shares of the company’s stock, valued at $1,232,972. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.19% of the stock is owned by company 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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