ArcBest Corporation $ARCB Shares Purchased by US Bancorp DE

US Bancorp DE boosted its stake in ArcBest Corporation (NASDAQ:ARCB) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,260 shares of the transportation company’s stock after purchasing an additional 705 shares during the period. US Bancorp DE’s holdings in ArcBest were worth $636,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC increased its holdings in ArcBest by 477.6% in the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 320 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of ArcBest by 433.3% during the second 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 in the last quarter. CWM LLC grew its stake in shares of ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 349 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of ArcBest by 185.3% during the first 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 in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of ArcBest during the first quarter valued at about $143,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Down 0.6%

Shares of ArcBest stock opened at $73.42 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.67 billion, a P/E ratio of 10.93, a P/E/G ratio of 1.36 and a beta of 1.66. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25. The business has a 50-day moving average price of $72.11 and a 200 day moving average price of $70.35.

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

ArcBest Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ARCB shares. Citigroup upgraded ArcBest from a “neutral” rating to a “buy” rating and raised their target price for the company from $79.00 to $89.00 in a research note on Wednesday, October 8th. Stifel Nicolaus lowered their target price on ArcBest from $93.00 to $81.00 and set a “buy” rating for the company in a research note on Thursday, July 31st. Cowen restated a “hold” rating on shares of ArcBest in a research note on Wednesday, October 1st. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their price objective on ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $90.00.

About ArcBest

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.