Dynamic Technology Lab Private Ltd Raises Stake in ArcBest Corp. (ARCB)
Dynamic Technology Lab Private Ltd boosted its stake in ArcBest Corp. (NASDAQ:ARCB) by 53.2% during the second quarter, Holdings Channel reports. The institutional investor owned 24,296 shares of the company’s stock after buying an additional 8,433 shares during the period. Dynamic Technology Lab Private Ltd owned 0.09% of ArcBest Corp. worth $395,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aperio Group LLC increased its position in ArcBest Corp. by 35.9% in the first quarter. Aperio Group LLC now owns 16,729 shares of the company’s stock worth $361,000 after buying an additional 4,423 shares during the period. Algert Global LLC increased its position in ArcBest Corp. by 13.6% in the first quarter. Algert Global LLC now owns 21,519 shares of the company’s stock worth $465,000 after buying an additional 2,569 shares during the period. BlackRock Group LTD increased its position in ArcBest Corp. by 4.6% in the first quarter. BlackRock Group LTD now owns 40,958 shares of the company’s stock worth $883,000 after buying an additional 1,814 shares during the period. BlackRock Fund Advisors increased its position in ArcBest Corp. by 0.7% in the first quarter. BlackRock Fund Advisors now owns 1,565,260 shares of the company’s stock worth $33,794,000 after buying an additional 11,470 shares during the period. Finally, JPMorgan Chase & Co. increased its position in ArcBest Corp. by 60.2% in the first quarter. JPMorgan Chase & Co. now owns 1,539,160 shares of the company’s stock worth $33,230,000 after buying an additional 578,317 shares during the period. 84.52% of the stock is currently owned by hedge funds and other institutional investors.
ArcBest Corp. (NASDAQ:ARCB) opened at 19.30 on Friday. ArcBest Corp. has a 12-month low of $14.85 and a 12-month high of $28.80. The company has a market cap of $496.96 million, a PE ratio of 18.11 and a beta of 1.78. The firm’s 50-day moving average price is $18.38 and its 200-day moving average price is $18.62.
ArcBest Corp. (NASDAQ:ARCB) last posted its earnings results on Friday, July 29th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. The company had revenue of $676.60 million for the quarter, compared to the consensus estimate of $683.12 million. ArcBest Corp. had a return on equity of 5.02% and a net margin of 1.06%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 EPS. Equities research analysts forecast that ArcBest Corp. will post $0.90 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.66%. ArcBest Corp.’s payout ratio is presently 30.19%.
ARCB has been the topic of a number of analyst reports. Zacks Investment Research raised ArcBest Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 30th. Citigroup Inc. increased their price target on ArcBest Corp. from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, September 8th. Finally, Deutsche Bank AG set a $20.00 price target on ArcBest Corp. and gave the company a “hold” rating in a research note on Thursday, July 21st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. ArcBest Corp. presently has a consensus rating of “Hold” and an average price target of $21.75.
ArcBest Corp. Company Profile
ArcBest Corporation is a holding company of businesses providing freight transportation services and logistics solutions. The Company operates through five segments: Freight Transportation (ABF Freight) segment, Premium Logistics (Panther), Transportation Management (ABF Logistics), Emergency & Preventative Maintenance (FleetNet) and Household Goods Moving Services (ABF Moving).
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