Encompass Capital Advisors LLC Buys Shares of 275,000 ArcBest Corporation $ARCB

Encompass Capital Advisors LLC acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) during the fourth quarter, HoldingsChannel reports. The fund acquired 275,000 shares of the transportation company’s stock, valued at approximately $20,402,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of ArcBest by 100.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 87,256 shares of the transportation company’s stock valued at $6,734,000 after purchasing an additional 43,803 shares during the period. Aberdeen Group plc bought a new stake in ArcBest during the 4th quarter worth approximately $7,240,000. WINTON GROUP Ltd bought a new position in ArcBest in the 3rd quarter worth $3,970,000. American Century Companies Inc. raised its holdings in ArcBest by 9.6% during the third quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock valued at $57,090,000 after acquiring an additional 71,420 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in ArcBest by 13.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 88,662 shares of the transportation company’s stock valued at $6,195,000 after purchasing an additional 10,566 shares during the period. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on ArcBest from $102.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Stifel Nicolaus lifted their price objective on shares of ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley reiterated an “overweight” rating and set a $150.00 price target on shares of ArcBest in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, TD Cowen increased their price objective on ArcBest from $137.00 to $175.00 and gave the stock a “hold” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.42.

ArcBest Trading Down 8.7%

ArcBest stock opened at $145.85 on Thursday. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 60.02, a price-to-earnings-growth ratio of 0.72 and a beta of 1.55. The stock has a 50-day moving average price of $129.67 and a 200 day moving average price of $103.62.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same quarter last year, the company earned $0.51 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that ArcBest Corporation will post 5.87 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s dividend payout ratio is 19.75%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.