Maverick Capital Ltd. Takes $1.09 Million Position in ArcBest Corporation $ARCB

Maverick Capital Ltd. acquired a new position in shares of ArcBest Corporation (NASDAQ:ARCB) in the first quarter, HoldingsChannel.com reports. The fund acquired 11,094 shares of the transportation company’s stock, valued at approximately $1,091,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC raised its holdings in ArcBest by 300.3% during the first quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after purchasing an additional 20,177 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after purchasing an additional 619 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the period. Jane Street Group LLC increased its position in ArcBest by 278.2% during the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock worth $3,218,000 after purchasing an additional 33,537 shares during the period. Finally, Intech Investment Management LLC raised its stake in shares of ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after buying an additional 655 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

ARCB has been the subject of several recent analyst reports. Stifel Nicolaus raised their price target on ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Wells Fargo & Company increased their price objective on ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Truist Financial raised their target price on ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Stephens upgraded shares of ArcBest to a “strong-buy” rating in a research report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, ArcBest has a consensus rating of “Moderate Buy” and a consensus price target of $155.08.

ArcBest Price Performance

ARCB stock opened at $149.48 on Wednesday. The firm has a 50 day moving average of $147.83 and a 200-day moving average of $118.65. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 61.51, a PEG ratio of 0.53 and a beta of 1.57. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12-month low of $59.43 and a 12-month high of $176.69.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts expect that ArcBest Corporation will post 6.62 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.48 annualized dividend and a yield of 0.3%. ArcBest’s dividend payout ratio is 19.75%.

About ArcBest

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.