ArcBest Corporation $ARCB Shares Bought by Maple Rock Capital Partners Inc.

Maple Rock Capital Partners Inc. raised its position in ArcBest Corporation (NASDAQ:ARCB) by 32.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 535,746 shares of the transportation company’s stock after buying an additional 131,400 shares during the period. ArcBest comprises 1.5% of Maple Rock Capital Partners Inc.’s investment portfolio, making the stock its 19th biggest position. Maple Rock Capital Partners Inc.’s holdings in ArcBest were worth $76,901,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ARCB. BlackRock Inc. acquired a new stake in shares of ArcBest during the 2nd quarter valued at about $503,476,000. Invesco Ltd. raised its holdings in ArcBest by 625.4% in the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after purchasing an additional 793,607 shares during the period. Turtle Creek Asset Management Inc. acquired a new position in ArcBest in the 3rd quarter worth about $39,508,000. Principal Financial Group Inc. boosted its position in ArcBest by 349.9% during the fourth quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock worth $36,634,000 after purchasing an additional 384,024 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in ArcBest by 158.7% during the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on ARCB shares. Zacks Research lowered ArcBest from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Stifel Nicolaus increased their target price on ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Citizens Jmp assumed coverage on ArcBest in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 target price on the stock. UBS Group boosted their price target on shares of ArcBest from $145.00 to $154.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $154.23.

ArcBest Price Performance

Shares of ArcBest stock opened at $137.97 on Tuesday. The stock has a market capitalization of $3.08 billion, a P/E ratio of 199.96, a PEG ratio of 0.45 and a beta of 1.57. The business has a 50 day simple moving average of $144.57 and a two-hundred day simple moving average of $126.34. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $1.36 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. As a group, analysts predict that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, August 7th. ArcBest’s payout ratio is 69.57%.

Insider Buying and Selling at ArcBest

In other news, insider Erin K. Gattis sold 6,163 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. This trade represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Judy R. Mcreynolds sold 2,857 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the transaction, the director owned 50,048 shares in the company, valued at $6,955,671.04. The trade was a 5.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 11,963 shares of company stock worth $1,678,066. 0.98% of the stock is currently owned by corporate insiders.

About ArcBest

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.