LSV Asset Management Lowers Position in ArcBest Corporation $ARCB

LSV Asset Management lessened its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 4.8% in the third quarter, HoldingsChannel.com reports. The fund owned 449,249 shares of the transportation company’s stock after selling 22,800 shares during the period. LSV Asset Management’s holdings in ArcBest were worth $31,389,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ARCB. Johnson Investment Counsel Inc. bought a new position in shares of ArcBest in the third quarter worth approximately $28,000. FNY Investment Advisers LLC purchased a new position in ArcBest in the 2nd quarter worth approximately $51,000. Smartleaf Asset Management LLC grew its stake in ArcBest by 26.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after buying an additional 143 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of ArcBest in the 2nd quarter worth $85,000. Finally, Bessemer Group Inc. raised its position in shares of ArcBest by 180.9% during the 3rd quarter. Bessemer Group Inc. now owns 1,469 shares of the transportation company’s stock valued at $103,000 after buying an additional 946 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stephens set a $85.00 price objective on shares of ArcBest in a report on Tuesday, January 6th. JPMorgan Chase & Co. upped their price objective on ArcBest from $76.00 to $81.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. Zacks Research upgraded ArcBest from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. TD Cowen restated a “hold” rating on shares of ArcBest in a research report on Friday, January 9th. Finally, Citigroup upped their target price on ArcBest from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $97.00.

ArcBest Trading Up 2.8%

NASDAQ ARCB opened at $104.40 on Friday. The firm has a market cap of $2.35 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 13.29 and a beta of 1.54. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $112.92. The stock has a 50-day moving average of $86.90 and a 200-day moving average of $76.35. The company has a current ratio of 0.95, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.09). The company had revenue of $972.69 million for the quarter, compared to the consensus estimate of $963.74 million. ArcBest had a return on equity of 6.51% and a net margin of 1.50%.ArcBest’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.33 earnings per share. As a group, sell-side analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, February 10th. ArcBest’s dividend payout ratio is currently 18.39%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.