SummerHaven Investment Management LLC Grows Position in ArcBest Corporation $ARCB

SummerHaven Investment Management LLC boosted its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,590 shares of the transportation company’s stock after purchasing an additional 233 shares during the period. SummerHaven Investment Management LLC’s holdings in ArcBest were worth $585,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Signaturefd LLC lifted its stake in ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 320 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of ArcBest by 433.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after acquiring an additional 312 shares during the last quarter. CWM LLC boosted its holdings in shares of ArcBest by 338.8% in the 1st quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 349 shares during the last quarter. Curat Global LLC purchased a new stake in shares of ArcBest in the 1st quarter valued at $82,000. Finally, GAMMA Investing LLC boosted its holdings in shares of ArcBest by 185.3% in the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 932 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

ArcBest stock opened at $69.41 on Tuesday. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $123.25. The stock has a market cap of $1.58 billion, a P/E ratio of 10.33, a PEG ratio of 1.21 and a beta of 1.69. The company has a 50-day moving average price of $73.59 and a 200 day moving average price of $70.34. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. ArcBest’s revenue for the quarter was down 5.1% on a year-over-year basis. Sell-side analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest’s dividend payout ratio (DPR) is presently 7.14%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ARCB shares. Wells Fargo & Company dropped their price objective on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, July 31st. UBS Group dropped their price objective on shares of ArcBest from $84.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, July 31st. Jefferies Financial Group reiterated a “buy” rating and issued a $85.00 target price (up from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. Stifel Nicolaus dropped their price target on shares of ArcBest from $93.00 to $81.00 and set a “buy” rating on the stock in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of ArcBest from $75.00 to $89.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $89.17.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.