Algert Global LLC Buys New Shares in ArcBest Co. (NASDAQ:ARCB)

Algert Global LLC bought a new stake in ArcBest Co. (NASDAQ:ARCB) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,117 shares of the transportation company’s stock, valued at approximately $571,000.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC increased its position in shares of ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after acquiring an additional 33,386 shares during the period. Victory Capital Management Inc. increased its position in shares of ArcBest by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after acquiring an additional 13,152 shares during the period. Sanctuary Advisors LLC increased its position in shares of ArcBest by 7.4% in the 4th quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company’s stock valued at $419,000 after acquiring an additional 306 shares during the period. Teacher Retirement System of Texas increased its position in shares of ArcBest by 41.5% in the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company’s stock valued at $298,000 after acquiring an additional 935 shares during the period. Finally, Norges Bank acquired a new position in shares of ArcBest in the 4th quarter valued at $5,826,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on ARCB shares. The Goldman Sachs Group cut their target price on ArcBest from $97.00 to $84.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. Bank of America cut their price target on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 12th. Stifel Nicolaus cut their price target on ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley cut their price target on ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, UBS Group cut their price target on ArcBest from $100.00 to $64.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, ArcBest currently has an average rating of “Hold” and an average target price of $88.75.

Insider Activity at ArcBest

In related news, CFO John Matthew Beasley purchased 700 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $74.89 per share, with a total value of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares of the company’s stock, valued at $609,754.38. This represents a 9.41% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by corporate insiders.

ArcBest Price Performance

NASDAQ:ARCB opened at $61.74 on Monday. ArcBest Co. has a 52 week low of $55.19 and a 52 week high of $129.83. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.43 billion, a PE ratio of 8.42, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70. The stock’s 50-day moving average price is $66.40 and its 200-day moving average price is $88.32.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The business had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. ArcBest’s revenue was down 6.7% on a year-over-year basis. During the same quarter last year, the business earned $1.34 earnings per share. As a group, equities analysts expect that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 9th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Friday, May 9th. ArcBest’s dividend payout ratio is presently 6.35%.

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.