Summit Global Investments Invests $939,000 in ArcBest Corporation $ARCB

Summit Global Investments acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,442 shares of the transportation company’s stock, valued at approximately $939,000. Summit Global Investments owned about 0.06% of ArcBest as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Farther Finance Advisors LLC increased its stake in ArcBest by 433.3% during the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after acquiring an additional 312 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of ArcBest during the 2nd quarter worth about $51,000. Canada Pension Plan Investment Board purchased a new stake in shares of ArcBest during the 2nd quarter worth about $85,000. GAMMA Investing LLC increased its position in ArcBest by 12.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,809 shares of the transportation company’s stock worth $126,000 after purchasing an additional 206 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in ArcBest by 19.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the transportation company’s stock valued at $127,000 after buying an additional 272 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ARCB. Bank of America upped their price target on shares of ArcBest from $72.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 23rd. Truist Financial boosted their price objective on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Citigroup increased their target price on ArcBest from $83.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. UBS Group reduced their price target on ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $100.00 price target on shares of ArcBest in a report on Saturday. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $92.83.

Trending Headlines about ArcBest

Here are the key news stories impacting ArcBest this week:

• Positive Sentiment: Revenue slightly beat expectations — Q4 revenue of $972.7M topped the ~ $963.7M analyst view, showing resilience in sales versus the prior year decline. Read More.
• Positive Sentiment: Board changes and a quarterly dividend announced — management added two board members and declared a dividend, actions investors often view as shareholder-friendly and supportive of the equity. Read More.
• Neutral Sentiment: Conference call materials and slide deck available — management hosted an earnings call and published slides/press materials that may provide additional color for investors who attended or review the deck. Read More.
• Neutral Sentiment: Short-interest report shows anomalous/zero figures for late January — the published data appears inconsistent and unlikely to be a meaningful driver until clarified. (Internal short-interest note)
• Negative Sentiment: Q4 EPS missed and the company swung to a loss — ArcBest reported EPS of -$0.36 versus consensus near $0.43–$0.45, and a net loss from continuing operations of $8.1M, down from profitable results a year earlier; that earnings miss is a clear negative fundamental catalyst. Read More.

ArcBest Stock Up 5.8%

Shares of NASDAQ:ARCB opened at $90.22 on Friday. The company’s fifty day moving average is $78.85 and its two-hundred day moving average is $74.64. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $103.14. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 10.76 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The company had revenue of $972.69 million for the quarter, compared to analyst estimates of $963.74 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities analysts anticipate that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, February 10th. ArcBest’s payout ratio is 11.40%.

ArcBest Company Profile

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.