Rhumbline Advisers Increases Stake in ArcBest Co. (NASDAQ:ARCB)

Posted by Defense World Staff on Sep 6th, 2023

Rhumbline Advisers increased its position in shares of ArcBest Co. (NASDAQ:ARCB – Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,642 shares of the transportation company’s stock after buying an additional 3,121 shares during the period. Rhumbline Advisers owned about 0.32% of ArcBest worth $7,268,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Ameritas Advisory Services LLC purchased a new position in shares of ArcBest during the first quarter valued at $28,000. National Bank of Canada FI purchased a new position in ArcBest in the first quarter valued at about $55,000. Ancora Advisors LLC purchased a new position in ArcBest in the first quarter valued at about $56,000. Point72 Hong Kong Ltd purchased a new position in ArcBest in the second quarter valued at about $58,000. Finally, Tower Research Capital LLC TRC grew its stake in ArcBest by 1,668.9% in the first quarter. Tower Research Capital LLC TRC now owns 796 shares of the transportation company’s stock valued at $73,000 after purchasing an additional 751 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ARCB shares. Wolfe Research upgraded ArcBest from a “peer perform” rating to an “outperform” rating and set a $132.00 target price on the stock in a research note on Monday, August 21st. StockNews.com began coverage on ArcBest in a report on Thursday, August 17th. They issued a “hold” rating for the company. The Goldman Sachs Group raised their price target on ArcBest from $105.00 to $117.00 and gave the stock a “neutral” rating in a report on Monday, July 31st. Citigroup raised their price target on ArcBest from $118.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Finally, Stifel Nicolaus raised their price target on ArcBest from $125.00 to $134.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, ArcBest presently has an average rating of “Hold” and a consensus price target of $123.33.

View Our Latest Report on ARCB

Insider Activity at ArcBest

In related news, insider Seth Runser sold 5,466 shares of ArcBest stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $115.07, for a total transaction of $628,972.62. Following the completion of the transaction, the insider now directly owns 18,534 shares in the company, valued at $2,132,707.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Seth Runser sold 5,466 shares of ArcBest stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $115.07, for a total transaction of $628,972.62. Following the completion of the transaction, the insider now directly owns 18,534 shares in the company, valued at $2,132,707.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judy R. Mcreynolds sold 15,443 shares of ArcBest stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $110.09, for a total value of $1,700,119.87. Following the transaction, the chief executive officer now owns 56,534 shares of the company’s stock, valued at $6,223,828.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,922 shares of company stock worth $5,778,701. 1.65% of the stock is owned by corporate insiders.

ArcBest Trading Down 4.0 %

ArcBest stock opened at $105.96 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.14. ArcBest Co. has a 52 week low of $68.00 and a 52 week high of $122.86. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 11.20 and a beta of 1.58. The stock has a 50-day moving average price of $106.08 and a 200 day moving average price of $96.25.

ArcBest (NASDAQ:ARCB – Get Free Report) last released its earnings results on Friday, July 28th. The transportation company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.50). ArcBest had a return on equity of 20.06% and a net margin of 4.95%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm earned $4.30 EPS. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Sell-side analysts anticipate that ArcBest Co. will post 6.51 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.45%. The ex-dividend date was Tuesday, August 8th. ArcBest’s dividend payout ratio is currently 5.07%.

ArcBest Company Profile

(Free Report)

ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.