ClearAlpha Technologies LP Invests $810,000 in ArcBest Corporation $ARCB

ClearAlpha Technologies LP purchased a new position in ArcBest Corporation (NASDAQ:ARCB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,913 shares of the transportation company’s stock, valued at approximately $810,000. ArcBest comprises about 2.3% of ClearAlpha Technologies LP’s holdings, making the stock its 11th biggest position.

A number of other large investors also recently modified their holdings of ARCB. Smartleaf Asset Management LLC lifted its position in ArcBest by 26.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after purchasing an additional 143 shares during the last quarter. Federated Hermes Inc. lifted its position in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after purchasing an additional 567 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in ArcBest in the 2nd quarter valued at about $85,000. Hantz Financial Services Inc. lifted 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 purchasing an additional 934 shares during the last quarter. Finally, Assetmark Inc. lifted its position in ArcBest by 5,940.0% in the 4th quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock valued at $90,000 after purchasing an additional 1,188 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on ARCB shares. TD Cowen lifted their price objective on shares of ArcBest from $137.00 to $175.00 and gave the company a “hold” rating in a research report on Tuesday, June 9th. Bank of America lifted their price objective on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Citigroup lifted their price objective on shares of ArcBest from $150.00 to $202.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company lifted their price objective on shares of ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. Finally, UBS Group lifted their price objective on shares of ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $141.42.

ArcBest Stock Down 8.7%

ArcBest stock opened at $145.85 on Thursday. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 60.02, a PEG ratio of 0.72 and a beta of 1.55. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $129.67 and its two-hundred day moving average price is $103.62. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $998.79 million for the quarter, compared to analysts’ expectations of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. ArcBest’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS. On average, analysts expect that ArcBest Corporation will post 5.87 EPS for the current fiscal year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.48 annualized dividend and a yield of 0.3%. ArcBest’s dividend payout ratio (DPR) is presently 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.