OppenheimerFunds Inc. boosted its position in ArcBest Corporation (NASDAQ:ARCB) by 31.8% during the first quarter, Holdings Channel reports. The institutional investor owned 72,247 shares of the transportation company’s stock after buying an additional 17,447 shares during the period. OppenheimerFunds Inc.’s holdings in ArcBest Corporation were worth $1,878,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in ArcBest Corporation by 0.8% in the first quarter. Arizona State Retirement System now owns 12,416 shares of the transportation company’s stock worth $323,000 after buying an additional 100 shares in the last quarter. Victory Capital Management Inc. increased its position in ArcBest Corporation by 12.4% in the first quarter. Victory Capital Management Inc. now owns 49,219 shares of the transportation company’s stock worth $1,280,000 after buying an additional 5,420 shares in the last quarter. Netols Asset Management Inc. purchased a new position in ArcBest Corporation during the first quarter worth approximately $4,954,000. Mason Street Advisors LLC increased its position in ArcBest Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 5,569 shares of the transportation company’s stock worth $145,000 after buying an additional 362 shares in the last quarter. Finally, Martingale Asset Management L P increased its position in ArcBest Corporation by 6.1% in the first quarter. Martingale Asset Management L P now owns 52,125 shares of the transportation company’s stock worth $1,356,000 after buying an additional 3,001 shares in the last quarter. 87.29% of the stock is currently owned by institutional investors.
Shares of ArcBest Corporation (ARCB) opened at 20.00 on Wednesday. The company has a 50 day moving average price of $19.75 and a 200 day moving average price of $26.46. ArcBest Corporation has a one year low of $14.85 and a one year high of $33.95. The company has a market cap of $516.70 million, a P/E ratio of 30.40 and a beta of 1.53.
ArcBest Corporation (NASDAQ:ARCB) last released its quarterly earnings data on Friday, May 5th. The transportation company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.11) by $0.11. ArcBest Corporation had a net margin of 0.64% and a return on equity of 4.14%. The company had revenue of $651.10 million during the quarter, compared to the consensus estimate of $659.29 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts expect that ArcBest Corporation will post $1.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 30th. Stockholders of record on Tuesday, May 16th were paid a $0.08 dividend. The ex-dividend date was Friday, May 12th. This represents a $0.32 annualized dividend and a dividend yield of 1.60%. ArcBest Corporation’s dividend payout ratio is currently 49.23%.
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ARCB has been the topic of several recent research reports. ValuEngine downgraded ArcBest Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Cowen and Company raised their price target on ArcBest Corporation from $24.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Deutsche Bank AG cut their price target on ArcBest Corporation from $33.00 to $25.00 and set a “hold” rating on the stock in a report on Monday, May 8th. Finally, Zacks Investment Research downgraded ArcBest Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $25.80.
ArcBest Corporation Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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