Mackenzie Financial Corp Boosts Stock Holdings in ArcBest Co. (NASDAQ:ARCB)

Mackenzie Financial Corp increased its position in shares of ArcBest Co. (NASDAQ:ARCB) by 8.5% in the 4th quarter, HoldingsChannel reports. The firm owned 6,634 shares of the transportation company’s stock after purchasing an additional 520 shares during the period. Mackenzie Financial Corp’s holdings in ArcBest were worth $797,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Evergreen Capital Management LLC purchased a new position in ArcBest during the third quarter worth about $203,000. Schonfeld Strategic Advisors LLC grew its position in ArcBest by 385.8% during the third quarter. Schonfeld Strategic Advisors LLC now owns 26,717 shares of the transportation company’s stock worth $2,716,000 after buying an additional 21,217 shares during the period. Wakefield Asset Management LLLP acquired a new position in ArcBest during the fourth quarter worth about $806,000. American Century Companies Inc. grew its position in ArcBest by 10.5% during the third quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company’s stock worth $38,445,000 after buying an additional 35,968 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in ArcBest by 31.3% during the third quarter. Public Employees Retirement System of Ohio now owns 55,199 shares of the transportation company’s stock worth $5,611,000 after buying an additional 13,165 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Stock Up 0.8 %

Shares of NASDAQ ARCB opened at $138.08 on Friday. ArcBest Co. has a 1 year low of $82.18 and a 1 year high of $153.60. The firm’s 50 day moving average price is $140.31 and its 200 day moving average price is $124.90. The firm has a market cap of $3.24 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 0.63 and a beta of 1.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.26.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.25. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business earned $2.45 earnings per share. ArcBest’s revenue was down 6.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ArcBest Co. will post 10.05 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.35%. ArcBest’s dividend payout ratio (DPR) is currently 6.07%.

Analysts Set New Price Targets

Several brokerages have weighed in on ARCB. Morgan Stanley upped their target price on shares of ArcBest from $155.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Stifel Nicolaus upped their target price on shares of ArcBest from $153.00 to $159.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Bank of America upped their target price on shares of ArcBest from $141.00 to $143.00 and gave the stock an “underperform” rating in a research report on Monday, April 15th. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Finally, The Goldman Sachs Group increased their price target on shares of ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.54.

Insider Buying and Selling

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the transaction, the insider now owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.65% of the stock is owned by company insiders.

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.