Maverick Capital Ltd. Buys New Shares in ArcBest Corporation $ARCB

Maverick Capital Ltd. bought a new position in shares of ArcBest Corporation (NASDAQ:ARCB) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 11,094 shares of the transportation company’s stock, valued at approximately $1,091,000.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of ArcBest by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after buying an additional 6,808 shares during the period. Dimensional Fund Advisors LP grew its holdings in ArcBest by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock worth $137,429,000 after acquiring an additional 47,848 shares in the last quarter. Invesco Ltd. grew its holdings in ArcBest by 625.4% during the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after acquiring an additional 793,607 shares in the last quarter. Turtle Creek Asset Management Inc. purchased a new stake in shares of ArcBest in the 3rd quarter valued at approximately $39,508,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of ArcBest by 4.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock valued at $36,394,000 after purchasing an additional 24,102 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Citigroup initiated coverage on shares of ArcBest in a research report on Wednesday, July 15th. They set a “market outperform” rating for the company. Weiss Ratings lowered ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Zacks Research upgraded ArcBest from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, The Goldman Sachs Group upped their price objective on ArcBest from $117.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.08.

ArcBest Stock Performance

Shares of ARCB stock opened at $149.48 on Wednesday. The stock’s 50-day moving average is $147.83 and its two-hundred day moving average is $118.65. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. ArcBest Corporation has a 1 year low of $59.43 and a 1 year high of $176.69. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 61.51, a PEG ratio of 0.53 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $998.79 million during the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. Analysts predict that ArcBest Corporation will post 6.62 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, August 7th. ArcBest’s dividend payout ratio is presently 19.75%.

ArcBest 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.