Summit Global Investments Purchases 6,549 Shares of ArcBest Corporation $ARCB

Summit Global Investments purchased a new stake in ArcBest Corporation (NASDAQ:ARCB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,549 shares of the transportation company’s stock, valued at approximately $835,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of ArcBest in the second quarter valued at $503,476,000. Dimensional Fund Advisors LP grew its holdings in shares of ArcBest by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after buying an additional 47,848 shares during the last quarter. Maple Rock Capital Partners Inc. grew its holdings in shares of ArcBest by 32.5% during the second quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock valued at $76,901,000 after buying an additional 131,400 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of ArcBest during the second quarter worth about $27,281,000. Finally, Empowered Funds LLC bought a new stake in shares of ArcBest during the second quarter worth about $20,787,000. Institutional investors own 99.27% of the company’s stock.

ArcBest Stock Performance

NASDAQ ARCB opened at $130.96 on Tuesday. ArcBest Corporation has a 1 year low of $59.43 and a 1 year high of $176.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 0.38 and a beta of 1.70. The company has a fifty day moving average price of $131.44 and a 200-day moving average price of $124.47.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, November 13th. This represents a $0.48 annualized dividend and a yield of 0.4%. ArcBest’s payout ratio is 69.57%.

Analysts Set New Price Targets

A number of research firms recently weighed in on ARCB. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a report on Tuesday, August 25th. TD Cowen cut their price target on ArcBest from $175.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Wall Street Zen raised ArcBest from a “buy” rating to a “strong-buy” rating in a report on Saturday. Stifel Nicolaus decreased their price objective on ArcBest from $185.00 to $168.00 and set a “buy” rating for the company in a report on Thursday, October 8th. Finally, Truist Financial lowered their price objective on ArcBest from $165.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $153.15.

Insider Transactions at ArcBest

In other ArcBest news, Director Judy R. Mcreynolds sold 2,857 shares of ArcBest stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the transaction, the director owned 50,048 shares of the company’s stock, valued at $6,955,671.04. This trade represents a 5.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jason T. Parks sold 855 shares of ArcBest stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $135.09, for a total transaction of $115,501.95. Following the transaction, the vice president directly owned 3,794 shares in the company, valued at approximately $512,531.46. This represents a 18.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,155 shares of company stock valued at $713,578 over the last ninety days. 0.98% of the stock is currently owned by insiders.

ArcBest Profile

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.