First Quadrant L P CA acquired a new position in shares of ArcBest Corp (NASDAQ:ARCB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,661 shares of the transportation company’s stock, valued at approximately $323,000.
A number of other large investors have also bought and sold shares of ARCB. Globeflex Capital L P bought a new stake in ArcBest during the second quarter worth about $133,000. Meeder Asset Management Inc. boosted its stake in ArcBest by 184.3% during the second quarter. Meeder Asset Management Inc. now owns 3,997 shares of the transportation company’s stock worth $183,000 after acquiring an additional 2,591 shares in the last quarter. Capital Fund Management S.A. bought a new stake in ArcBest during the second quarter worth about $201,000. Marshall Wace LLP bought a new stake in ArcBest during the second quarter worth about $210,000. Finally, Xact Kapitalforvaltning AB bought a new stake in ArcBest during the second quarter worth about $219,000. 94.69% of the stock is currently owned by institutional investors and hedge funds.
Shares of ArcBest stock opened at $35.81 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market capitalization of $907.42 million, a price-to-earnings ratio of 14.48, a PEG ratio of 0.27 and a beta of 2.10. ArcBest Corp has a 52-week low of $29.40 and a 52-week high of $51.45.
ARCB has been the topic of several research reports. Bank of America boosted their price objective on shares of ArcBest from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. BidaskClub raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Cowen boosted their price objective on shares of ArcBest from $41.00 to $46.00 and gave the stock a “market perform” rating in a research note on Thursday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $46.00 target price on shares of ArcBest in a report on Friday, August 3rd. Finally, Buckingham Research lifted their target price on shares of ArcBest from $43.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. ArcBest currently has an average rating of “Hold” and an average price target of $44.00.
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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