SG Americas Securities LLC boosted its stake in shares of ArcBest Co. (NASDAQ:ARCB – Get Rating) by 23.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,074 shares of the transportation company’s stock after purchasing an additional 1,150 shares during the quarter. SG Americas Securities LLC’s holdings in ArcBest were worth $489,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of ARCB. John G Ullman & Associates Inc. bought a new stake in shares of ArcBest in the 1st quarter worth about $2,930,000. Summit Global Investments acquired a new position in ArcBest during the 1st quarter valued at about $394,000. Parallel Advisors LLC raised its position in shares of ArcBest by 40.1% in the 1st quarter. Parallel Advisors LLC now owns 632 shares of the transportation company’s stock valued at $54,000 after acquiring an additional 181 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of ArcBest in the 1st quarter valued at approximately $1,193,000. Finally, Financial Management Professionals Inc. acquired a new stake in shares of ArcBest in the 1st quarter valued at approximately $26,000. Institutional investors own 91.06% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on ARCB. Credit Suisse Group raised their target price on shares of ArcBest from $102.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday. Morgan Stanley cut their price target on ArcBest to $140.00 and set an “overweight” rating for the company in a report on Wednesday, May 18th. Cowen reissued a “buy” rating and set a $133.00 target price on shares of ArcBest in a report on Monday, May 2nd. Stephens lifted their target price on ArcBest from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Cowen reaffirmed a “buy” rating and issued a $133.00 price target on shares of ArcBest in a research note on Monday, May 2nd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ArcBest currently has an average rating of “Moderate Buy” and an average price target of $117.11.
ArcBest Stock Up 1.1 %
ArcBest (NASDAQ:ARCB – Get Rating) last announced its quarterly earnings data on Friday, July 29th. The transportation company reported $4.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.95 by $0.35. ArcBest had a return on equity of 33.83% and a net margin of 6.11%. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm posted $1.97 EPS. ArcBest’s revenue for the quarter was up 46.8% compared to the same quarter last year. As a group, equities research analysts predict that ArcBest Co. will post 13.99 earnings per share for the current year.
ArcBest Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Wednesday, August 10th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Tuesday, August 9th. ArcBest’s payout ratio is presently 4.16%.
ArcBest Company Profile
ArcBest Corporation provides freight transportation and integrated logistics services. 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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