EMC Capital Management raised its stake in ArcBest Co. (NASDAQ:ARCB – Get Rating) by 50.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,580 shares of the transportation company’s stock after purchasing an additional 864 shares during the period. EMC Capital Management’s holdings in ArcBest were worth $182,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of ARCB. JPMorgan Chase & Co. boosted its holdings in shares of ArcBest by 40.8% in the second quarter. JPMorgan Chase & Co. now owns 453,651 shares of the transportation company’s stock valued at $31,923,000 after acquiring an additional 131,550 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of ArcBest by 31.8% in the first quarter. Renaissance Technologies LLC now owns 357,739 shares of the transportation company’s stock valued at $28,798,000 after acquiring an additional 86,400 shares during the period. Quantedge Capital Pte Ltd lifted its holdings in shares of ArcBest by 1,034.2% during the first quarter. Quantedge Capital Pte Ltd now owns 86,200 shares of the transportation company’s stock worth $6,939,000 after purchasing an additional 78,600 shares during the period. Taika Capital LP acquired a new stake in shares of ArcBest during the first quarter worth $5,517,000. Finally, State Street Corp lifted its holdings in shares of ArcBest by 6.3% during the first quarter. State Street Corp now owns 1,067,783 shares of the transportation company’s stock worth $85,957,000 after purchasing an additional 63,476 shares during the period. 88.54% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on ARCB shares. Credit Suisse Group increased their price target on ArcBest from $87.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 2nd. Cowen decreased their price target on ArcBest to $127.00 in a report on Tuesday, August 9th. Stephens increased their price target on ArcBest from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, August 1st. StockNews.com assumed coverage on ArcBest in a report on Wednesday, October 12th. They set a “buy” rating for the company. Finally, Citigroup cut their price objective on ArcBest from $94.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, October 7th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.67.
ArcBest Price Performance
Shares of ARCB stock traded up $1.09 during mid-day trading on Thursday, reaching $81.77. The stock had a trading volume of 87,733 shares, compared to its average volume of 203,296. ArcBest Co. has a 12-month low of $65.15 and a 12-month high of $125.00. The company has a market cap of $2.00 billion, a P/E ratio of 6.46, a price-to-earnings-growth ratio of 0.33 and a beta of 1.56. The business has a 50-day simple moving average of $76.69 and a 200 day simple moving average of $77.81. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.17.
ArcBest (NASDAQ:ARCB – Get Rating) last announced its quarterly earnings results on Tuesday, November 1st. The transportation company reported $3.80 earnings per share for the quarter, beating analysts’ consensus estimates of $3.72 by $0.08. ArcBest had a return on equity of 35.11% and a net margin of 6.20%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business posted $2.59 earnings per share. The business’s revenue for the quarter was up 33.0% on a year-over-year basis. On average, sell-side analysts anticipate that ArcBest Co. will post 13.94 earnings per share for the current year.
ArcBest Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 11th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Wednesday, November 9th. ArcBest’s dividend payout ratio is currently 3.79%.
ArcBest Corporation provides freight transportation and integrated logistics services. 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.
- Get a free copy of the StockNews.com research report on ArcBest (ARCB)
- Three CBD Stocks to Dominate a Budding Industry
- Salesforce Cuts Labor, Shows Strong Earnings Despite Challenges
- Institutional Support for Analog Devices Remains High
- Is the 60/40 Portfolio Mix Still in Vogue?
- Microsoft Shares: Is it Time to Back Up the Truck?
Receive News & Ratings for ArcBest Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ArcBest and related companies with MarketBeat.com's FREE daily email newsletter.