Pullen Investment Management LLC Invests $2.83 Million in ArcBest Corporation $ARCB

Pullen Investment Management LLC acquired a new stake in ArcBest Corporation (NASDAQ:ARCB) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 28,735 shares of the transportation company’s stock, valued at approximately $2,826,000. ArcBest makes up about 1.4% of Pullen Investment Management LLC’s portfolio, making the stock its 19th largest position. Pullen Investment Management LLC owned approximately 0.13% of ArcBest at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in ArcBest by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after purchasing an additional 6,808 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ArcBest by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,349,439 shares of the transportation company’s stock valued at $100,117,000 after purchasing an additional 7,816 shares during the period. Invesco Ltd. raised its stake in shares of ArcBest by 625.4% in the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after buying an additional 793,607 shares in the last quarter. American Century Companies Inc. raised its stake in shares of ArcBest by 9.6% in the 3rd quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock worth $57,090,000 after buying an additional 71,420 shares in the last quarter. Finally, Turtle Creek Asset Management Inc. acquired a new stake in shares of ArcBest in the third quarter valued at $39,508,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ARCB shares. Citigroup raised their target price on ArcBest from $150.00 to $202.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Stifel Nicolaus upped their price target on shares of ArcBest from $116.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings cut shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. Finally, Bank of America lifted their price objective on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.42.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $144.53 on Friday. 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 stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 59.48, a PEG ratio of 0.65 and a beta of 1.55. The stock’s fifty day simple moving average is $131.21 and its 200 day simple moving average is $104.47. ArcBest Corporation has a 52-week low of $59.43 and a 52-week high of $176.69.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. During the same period in the prior year, the business posted $0.51 earnings per share. ArcBest’s revenue was up 3.3% compared to the same quarter last year. As a group, sell-side analysts forecast that ArcBest Corporation will post 5.87 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th 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, May 8th. ArcBest’s payout ratio is presently 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.