ArcBest Co. (NASDAQ:ARCB) Shares Acquired by Summit Global Investments

Summit Global Investments lifted its position in ArcBest Co. (NASDAQ:ARCB) by 36.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,745 shares of the transportation company’s stock after purchasing an additional 1,269 shares during the quarter. Summit Global Investments’ holdings in ArcBest were worth $570,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ARCB. Cooper Creek Partners Management LLC acquired a new position in shares of ArcBest in the third quarter valued at approximately $29,108,000. Allspring Global Investments Holdings LLC raised its position in ArcBest by 175.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 195,270 shares of the transportation company’s stock worth $19,849,000 after acquiring an additional 124,354 shares in the last quarter. Wellington Management Group LLP acquired a new stake in ArcBest in the third quarter valued at $10,561,000. Moody Aldrich Partners LLC purchased a new stake in shares of ArcBest during the 3rd quarter worth $5,835,000. Finally, Ardsley Advisory Partners LP acquired a new position in shares of ArcBest during the 3rd quarter worth $5,075,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the transaction, the insider now owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.65% of the stock is owned by corporate insiders.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $114.85 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.23 and a quick ratio of 1.26. The company has a market cap of $2.70 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 0.53 and a beta of 1.56. The company has a 50-day simple moving average of $137.54 and a 200-day simple moving average of $125.79. ArcBest Co. has a 12 month low of $82.18 and a 12 month high of $153.60.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 30th. The transportation company reported $1.34 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.19). ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the firm posted $1.58 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. On average, equities analysts anticipate that ArcBest Co. will post 9 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.42%. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ARCB. JPMorgan Chase & Co. reduced their price objective on shares of ArcBest from $164.00 to $145.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America decreased their price target on ArcBest from $143.00 to $110.00 and set an “underperform” rating on the stock in a research note on Wednesday. StockNews.com cut ArcBest from a “buy” rating to a “hold” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on ArcBest in a report on Monday, January 29th. They set a “buy” rating and a $148.00 price objective for the company. Finally, TD Cowen lowered their target price on ArcBest from $177.00 to $148.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ArcBest presently has a consensus rating of “Moderate Buy” and an average target price of $143.38.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.