Wasatch Advisors LP Cuts Stock Holdings in ArcBest Corporation $ARCB

Wasatch Advisors LP lessened its stake in ArcBest Corporation (NASDAQ:ARCB) by 10.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,575 shares of the transportation company’s stock after selling 12,503 shares during the quarter. Wasatch Advisors LP’s holdings in ArcBest were worth $10,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in ArcBest by 100.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 87,256 shares of the transportation company’s stock valued at $6,734,000 after acquiring an additional 43,803 shares during the last quarter. Aberdeen Group plc acquired a new stake in ArcBest during the fourth quarter worth about $7,240,000. WINTON GROUP Ltd purchased a new position in shares of ArcBest in the 3rd quarter worth about $3,970,000. American Century Companies Inc. raised its holdings 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 purchasing an additional 71,420 shares during the period. Finally, Unison Advisors LLC acquired a new position in shares of ArcBest in the 4th quarter valued at about $780,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Price Performance

Shares of ARCB stock opened at $146.29 on Friday. The firm has a fifty day simple moving average of $134.93 and a 200-day simple moving average of $107.20. The company has a market capitalization of $3.26 billion, a PE ratio of 60.20, a price-to-earnings-growth ratio of 0.66 and a beta of 1.55. 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 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $998.79 million for the quarter, compared to the consensus estimate of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 EPS. Equities research analysts anticipate that ArcBest Corporation will post 5.87 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, May 8th. ArcBest’s dividend payout ratio (DPR) is 19.75%.

Wall Street Analysts Forecast Growth

ARCB has been the topic of several research reports. UBS Group raised their price target on shares of ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. TD Cowen increased their price objective on shares of ArcBest from $137.00 to $175.00 and gave the stock a “hold” rating in a research report on Tuesday, June 9th. Bank of America raised their target price on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Morgan Stanley reaffirmed an “overweight” rating and set a $150.00 price target on shares of ArcBest in a research report on Wednesday, April 29th. Finally, Zacks Research upgraded ArcBest from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $145.42.

About ArcBest

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.