Legal & General Group Plc Makes New Investment in ArcBest Corporation $ARCB

Legal & General Group Plc acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 53,056 shares of the transportation company’s stock, valued at approximately $7,616,000.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of ArcBest by 300.3% in the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock valued at $1,898,000 after acquiring an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock worth $989,000 after purchasing an additional 619 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares in the last quarter. Jane Street Group LLC grew its position in ArcBest by 278.2% during the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after purchasing an additional 33,537 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after purchasing an additional 655 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ArcBest

In related news, insider Erin K. Gattis sold 6,163 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the sale, the insider directly owned 24,286 shares in the company, valued at approximately $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Judy R. Mcreynolds sold 2,857 shares of the stock in a transaction on 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 directly 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. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on ARCB. Zacks Research lowered ArcBest from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Truist Financial increased their price objective on ArcBest from $145.00 to $165.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Finally, UBS Group raised their price objective on ArcBest from $145.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, ArcBest has an average rating of “Moderate Buy” and an average target price of $154.23.

ArcBest Trading Up 0.9%

NASDAQ:ARCB opened at $133.93 on Thursday. The stock’s 50 day moving average price is $144.12 and its 200 day moving average price is $126.76. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The company has a market capitalization of $2.99 billion, a P/E ratio of 194.10, a P/E/G ratio of 0.43 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.36 earnings per share. On average, research analysts forecast that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, August 7th. ArcBest’s payout ratio is presently 69.57%.

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.