Empowered Funds LLC Makes New Investment in ArcBest Corporation $ARCB

Empowered Funds LLC bought a new stake in ArcBest Corporation (NASDAQ:ARCB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 144,815 shares of the transportation company’s stock, valued at approximately $20,787,000. Empowered Funds LLC owned 0.65% of ArcBest as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest in the 2nd quarter valued at about $74,000. Federated Hermes Inc. lifted its position in ArcBest by 126.6% during the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after acquiring an additional 567 shares during the period. Hantz Financial Services Inc. grew its stake in shares of ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after purchasing an additional 934 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of ArcBest in the 2nd quarter valued at approximately $85,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of ArcBest in the second quarter valued at approximately $92,000. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Trading Up 0.0%

Shares of ARCB opened at $139.12 on Friday. ArcBest Corporation has a twelve month low of $59.43 and a twelve month high of $176.69. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $3.11 billion, a P/E ratio of 201.62, a PEG ratio of 0.46 and a beta of 1.57. The firm’s 50-day moving average is $144.88 and its two-hundred day moving average is $125.92.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the business earned $1.36 earnings per share. ArcBest’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, August 7th. ArcBest’s dividend payout ratio (DPR) is 69.57%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ARCB shares. JPMorgan Chase & Co. increased their price target on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. Morgan Stanley boosted their price objective on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Citigroup restated a “market outperform” rating on shares of ArcBest in a research report on Wednesday. Bank of America lifted their target price on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, June 5th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.23.

Insider Transactions at ArcBest

In related news, insider Erin K. Gattis sold 6,163 shares of ArcBest stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares in the company, valued at $3,400,040. The trade was a 20.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Judy R. Mcreynolds sold 2,857 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the sale, the director owned 50,048 shares in the company, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is currently owned by company insiders.

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.