Emerald Acquisition Ltd. Invests $787,000 in ArcBest Corp. (ARCB)
Emerald Acquisition Ltd. bought a new stake in ArcBest Corp. (NASDAQ:ARCB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 48,405 shares of the company’s stock, valued at approximately $787,000. Emerald Acquisition Ltd. owned approximately 0.19% of ArcBest Corp. at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Kleinwort Benson Investors Dublin Ltd acquired a new position in ArcBest Corp. during the second quarter valued at approximately $789,000. Towle & Co. raised its position in ArcBest Corp. by 126.6% in the second quarter. Towle & Co. now owns 778,326 shares of the company’s stock worth $12,648,000 after buying an additional 434,810 shares during the last quarter. Quantitative Investment Management LLC purchased a new position in ArcBest Corp. during the second quarter worth about $196,000. Wedge Capital Management L L P NC raised its position in ArcBest Corp. by 9.6% in the second quarter. Wedge Capital Management L L P NC now owns 36,741 shares of the company’s stock worth $597,000 after buying an additional 3,231 shares during the last quarter. Finally, Bank of Montreal Can purchased a new position in ArcBest Corp. during the second quarter worth about $3,696,000. 84.52% of the stock is owned by institutional investors.
ArcBest Corp. (NASDAQ:ARCB) traded down 2.16% during mid-day trading on Thursday, hitting $19.95. 29,428 shares of the company were exchanged. The company has a 50 day moving average of $19.15 and a 200 day moving average of $18.35. ArcBest Corp. has a 12-month low of $14.85 and a 12-month high of $28.80. The stock has a market cap of $513.69 million, a P/E ratio of 18.71 and a beta of 1.66.
ArcBest Corp. (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by $0.05. ArcBest Corp. had a net margin of 1.06% and a return on equity of 5.02%. The business earned $676.60 million during the quarter, compared to analyst estimates of $683.12 million. During the same quarter in the prior year, the company posted $0.75 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts expect that ArcBest Corp. will post $0.90 earnings per share for the current fiscal year.
ARCB has been the subject of a number of analyst reports. Citigroup Inc. reduced their target price on shares of ArcBest Corp. from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, July 11th. Deutsche Bank AG set a $20.00 target price on shares of ArcBest Corp. and gave the company a “hold” rating in a research note on Thursday, July 21st. Zacks Investment Research raised shares of ArcBest Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, Buckingham Research initiated coverage on shares of ArcBest Corp. in a research note on Friday, September 23rd. They set a “buy” rating and a $24.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.07.
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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