Mackay Shields LLC Makes New Investment in ArcBest Corp (NASDAQ:ARCB)

Mackay Shields LLC purchased a new position in shares of ArcBest Corp (NASDAQ:ARCB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 76,200 shares of the transportation company’s stock, valued at approximately $2,320,000. Mackay Shields LLC owned approximately 0.30% of ArcBest as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the business. Stephens Inc. AR raised its stake in shares of ArcBest by 6.3% during the third quarter. Stephens Inc. AR now owns 8,401 shares of the transportation company’s stock worth $256,000 after acquiring an additional 500 shares in the last quarter. Meridian Investment Counsel Inc. increased its stake in shares of ArcBest by 3.8% in the third quarter. Meridian Investment Counsel Inc. now owns 16,250 shares of the transportation company’s stock worth $495,000 after buying an additional 600 shares during the period. Swiss National Bank increased its stake in shares of ArcBest by 1.5% in the second quarter. Swiss National Bank now owns 47,600 shares of the transportation company’s stock worth $1,338,000 after buying an additional 700 shares during the period. James Investment Research Inc. increased its stake in shares of ArcBest by 6.3% in the third quarter. James Investment Research Inc. now owns 12,195 shares of the transportation company’s stock worth $371,000 after buying an additional 720 shares during the period. Finally, Aperio Group LLC increased its stake in shares of ArcBest by 3.6% in the second quarter. Aperio Group LLC now owns 31,441 shares of the transportation company’s stock worth $884,000 after buying an additional 1,089 shares during the period. 93.49% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ArcBest stock opened at $29.27 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.38 and a debt-to-equity ratio of 0.39. The company’s fifty day simple moving average is $29.92 and its two-hundred day simple moving average is $28.58. The company has a market cap of $796.23 million, a P/E ratio of 9.97 and a beta of 1.99. ArcBest Corp has a 12-month low of $24.68 and a 12-month high of $41.87.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Thursday, October 31st. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.15. The business had revenue of $787.56 million for the quarter, compared to the consensus estimate of $797.16 million. ArcBest had a net margin of 2.00% and a return on equity of 11.27%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.49 EPS. Analysts predict that ArcBest Corp will post 2.51 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Friday, November 8th. ArcBest’s payout ratio is currently 8.29%.

Several research analysts recently commented on ARCB shares. Stifel Nicolaus lifted their target price on shares of ArcBest from $28.00 to $29.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Zacks Investment Research downgraded shares of ArcBest from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th. BidaskClub raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. SunTrust Banks set a $35.00 target price on shares of ArcBest and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, TheStreet raised shares of ArcBest from a “c+” rating to a “b-” rating in a research note on Monday, September 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $34.44.

ArcBest Company Profile

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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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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