54,324 Shares in ArcBest Corporation $ARCB Bought by Bastion Asset Management Inc.

Bastion Asset Management Inc. bought a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 54,324 shares of the transportation company’s stock, valued at approximately $3,790,000. ArcBest comprises approximately 2.2% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 19th biggest holding.

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

ArcBest Price Performance

Shares of ArcBest stock opened at $104.40 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 40.00, a P/E/G ratio of 13.66 and a beta of 1.53. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $112.92. The firm’s 50-day moving average price is $86.90 and its two-hundred day moving average price is $76.34.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). The firm had revenue of $972.69 million during the quarter, compared to the consensus estimate of $963.74 million. ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The business’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 EPS. On average, equities analysts predict that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have recently issued reports on ARCB. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a research report on Wednesday, January 21st. Citigroup lifted their price target on shares of ArcBest from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Wells Fargo & Company increased their price objective on shares of ArcBest from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Sunday, February 1st. JPMorgan Chase & Co. raised their price objective on shares of ArcBest from $76.00 to $81.00 and gave the stock a “neutral” rating in a report on Monday, February 2nd. Finally, Truist Financial lifted their target price on shares of ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, ArcBest has a consensus rating of “Hold” and a consensus price target of $97.00.

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.