Oliver Luxxe Assets LLC Boosts Stock Position in ArcBest Co. (NASDAQ:ARCB)

Oliver Luxxe Assets LLC lifted its position in shares of ArcBest Co. (NASDAQ:ARCB) by 1.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,216 shares of the transportation company’s stock after purchasing an additional 129 shares during the period. Oliver Luxxe Assets LLC’s holdings in ArcBest were worth $1,171,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after buying an additional 75 shares during the period. Contravisory Investment Management Inc. increased its stake in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of ArcBest during the fourth quarter valued at approximately $39,000. Parallel Advisors LLC increased its stake in shares of ArcBest by 45.8% during the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 114 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of ArcBest by 51.9% during the fourth quarter. Quadrant Capital Group LLC now owns 597 shares of the transportation company’s stock valued at $72,000 after purchasing an additional 204 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Price Performance

Shares of ARCB traded down $0.26 during trading hours on Monday, reaching $106.82. 70,681 shares of the stock traded hands, compared to its average volume of 306,925. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.12. ArcBest Co. has a 52-week low of $86.93 and a 52-week high of $153.60. The company’s 50-day moving average price is $112.38 and its two-hundred day moving average price is $124.90. The company has a market cap of $2.50 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 0.83 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). ArcBest had a net margin of 2.80% and a return on equity of 15.27%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the firm posted $1.58 EPS. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, analysts anticipate that ArcBest Co. will post 8.54 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.45%. ArcBest’s dividend payout ratio is currently 9.66%.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several analyst reports. StockNews.com downgraded shares of ArcBest from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. TD Cowen reduced their price target on shares of ArcBest from $177.00 to $148.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Stifel Nicolaus reduced their price target on shares of ArcBest from $159.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Bank of America reduced their price target on shares of ArcBest from $143.00 to $110.00 and set an “underperform” rating for the company in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company began coverage on shares of ArcBest in a research report on Friday, June 7th. They issued an “overweight” rating and a $140.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Moderate Buy” and an average target price of $145.00.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.