5,399 Shares in ArcBest Corporation (NASDAQ:ARCB) Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC acquired a new stake in ArcBest Corporation (NASDAQ:ARCB) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,399 shares of the transportation company’s stock, valued at approximately $381,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC lifted its position in shares of ArcBest by 33.3% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company’s stock valued at $215,000 after acquiring an additional 762 shares during the period. Victory Capital Management Inc. lifted its position in shares of ArcBest by 6.0% during the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after acquiring an additional 13,152 shares during the period. Teacher Retirement System of Texas lifted its position in shares of ArcBest by 41.5% during the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company’s stock valued at $298,000 after acquiring an additional 935 shares during the period. Norges Bank acquired a new stake in shares of ArcBest during the 4th quarter valued at approximately $5,826,000. Finally, Vanguard Group Inc. lifted its position in shares of ArcBest by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after acquiring an additional 20,665 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ARCB. Truist Financial reduced their price target on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Bank of America upgraded ArcBest from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. The Goldman Sachs Group upgraded ArcBest from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $84.00 to $101.00 in a research report on Monday, June 2nd. UBS Group cut their price objective on ArcBest from $100.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company cut their price objective on ArcBest from $80.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $89.42.

ArcBest Stock Down 1.5%

ARCB stock opened at $83.10 on Friday. The stock has a market capitalization of $1.90 billion, a P/E ratio of 10.99, a PEG ratio of 0.88 and a beta of 1.71. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. ArcBest Corporation has a one year low of $55.19 and a one year high of $129.83. The company has a 50 day moving average price of $67.24 and a two-hundred day moving average price of $77.40.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $967.08 million during the quarter, compared to analysts’ expectations of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The firm’s revenue was down 6.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.34 earnings per share. As a group, sell-side analysts expect that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.58%. ArcBest’s payout ratio is currently 6.35%.

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.