Capital Fund Management S.A. bought a new position in shares of ArcBest Corp (NASDAQ:ARCB) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,400 shares of the transportation company’s stock, valued at approximately $201,000.
A number of other institutional investors and hedge funds have also made changes to their positions in ARCB. C M Bidwell & Associates Ltd. purchased a new position in shares of ArcBest in the 1st quarter valued at $106,000. Globeflex Capital L P purchased a new position in shares of ArcBest in the 2nd quarter valued at $133,000. Meeder Asset Management Inc. grew its position in shares of ArcBest by 184.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,997 shares of the transportation company’s stock valued at $183,000 after buying an additional 2,591 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in shares of ArcBest in the 1st quarter valued at $217,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in ArcBest during the 2nd quarter worth $219,000. 94.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ ARCB traded down $0.08 during midday trading on Friday, hitting $39.73. The company had a trading volume of 274,113 shares, compared to its average volume of 311,429. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.30. ArcBest Corp has a twelve month low of $29.40 and a twelve month high of $51.45. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 0.37 and a beta of 2.10.
A number of analysts recently weighed in on the stock. BidaskClub cut shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Friday, June 15th. Buckingham Research increased their price target on shares of ArcBest from $43.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Zacks Investment Research upgraded shares of ArcBest from a “hold” rating to a “strong-buy” rating and set a $55.00 price target for the company in a research note on Tuesday, June 19th. ValuEngine cut shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, Morgan Stanley raised their target price on shares of ArcBest from $38.00 to $40.00 and gave the stock a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. ArcBest has an average rating of “Hold” and an average price target of $45.44.
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. 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.
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