ArcBest Corp (ARCB) Shares Bought by First Trust Advisors LP
First Trust Advisors LP boosted its stake in shares of ArcBest Corp (NASDAQ:ARCB) by 18.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,371 shares of the transportation company’s stock after purchasing an additional 4,557 shares during the period. First Trust Advisors LP owned about 0.11% of ArcBest worth $1,342,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. grew its position in ArcBest by 0.8% during the first quarter. BlackRock Inc. now owns 3,349,299 shares of the transportation company’s stock valued at $107,345,000 after purchasing an additional 28,148 shares in the last quarter. Acadian Asset Management LLC grew its position in ArcBest by 41.0% during the second quarter. Acadian Asset Management LLC now owns 448,954 shares of the transportation company’s stock valued at $20,516,000 after purchasing an additional 130,486 shares in the last quarter. Matarin Capital Management LLC purchased a new position in ArcBest during the first quarter valued at approximately $13,659,000. Schwab Charles Investment Management Inc. grew its position in ArcBest by 8.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 350,854 shares of the transportation company’s stock valued at $11,245,000 after purchasing an additional 27,786 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in ArcBest by 187.4% during the first quarter. Russell Investments Group Ltd. now owns 241,292 shares of the transportation company’s stock valued at $7,731,000 after purchasing an additional 157,344 shares in the last quarter. 94.66% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ ARCB opened at $49.25 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 37.03, a price-to-earnings-growth ratio of 0.39 and a beta of 2.09. ArcBest Corp has a 12-month low of $27.90 and a 12-month high of $51.45.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Friday, August 10th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend was Thursday, August 9th. ArcBest’s payout ratio is 24.06%.
ARCB has been the topic of a number of research analyst reports. ValuEngine downgraded shares of ArcBest from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 target price on shares of ArcBest in a research note on Friday, August 3rd. Cowen lifted their target price on shares of ArcBest from $41.00 to $46.00 and gave the company a “market perform” rating in a research note on Thursday, August 2nd. Finally, Buckingham Research lifted their target price on shares of ArcBest from $43.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Eight investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. ArcBest presently has a consensus rating of “Hold” and a consensus price target of $44.25.
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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