53,056 Shares in ArcBest Corporation $ARCB Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in ArcBest Corporation (NASDAQ:ARCB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 53,056 shares of the transportation company’s stock, valued at approximately $7,616,000. Legal & General Group Plc owned about 0.24% of ArcBest as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARCB. C M Bidwell & Associates Ltd. acquired a new stake in shares of ArcBest in the second quarter valued at approximately $74,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of ArcBest during the second quarter worth approximately $92,000. Federated Hermes Inc. grew its holdings in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after buying an additional 567 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in ArcBest in the 2nd quarter worth approximately $85,000. Finally, Hantz Financial Services Inc. increased its position in ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after acquiring an additional 934 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on ARCB shares. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Morgan Stanley lifted their price objective on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Wells Fargo & Company upped their price objective on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. The Goldman Sachs Group reissued a “buy” rating and set a $172.00 target price on shares of ArcBest in a research note on Wednesday, July 29th. Finally, Stifel Nicolaus boosted their price target on shares of ArcBest from $134.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.23.

ArcBest Price Performance

NASDAQ:ARCB opened at $133.93 on Thursday. The business’s 50-day moving average price is $144.12 and its 200 day moving average price is $126.76. The firm has a market cap of $2.99 billion, a P/E ratio of 194.10, a PEG ratio of 0.43 and a beta of 1.55. ArcBest Corporation has a 52-week low of $59.43 and a 52-week high of $176.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the company earned $1.36 EPS. ArcBest’s revenue was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that ArcBest Corporation will post 6.9 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 7th. ArcBest’s payout ratio is presently 69.57%.

Insider Activity at ArcBest

In related news, Director Judy R. Mcreynolds sold 2,857 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the sale, the director directly owned 50,048 shares in the company, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the sale, the insider owned 24,286 shares of the company’s stock, valued at $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 11,963 shares of company stock valued at $1,678,066. Company insiders own 0.98% of the company’s stock.

ArcBest 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.