Point72 DIFC Ltd Purchases Shares of 5,982 ArcBest Co. (NASDAQ:ARCB)

Point72 DIFC Ltd purchased a new stake in shares of ArcBest Co. (NASDAQ:ARCB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,982 shares of the transportation company’s stock, valued at approximately $641,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. UniSuper Management Pty Ltd acquired a new stake in ArcBest in the 1st quarter valued at $666,000. Norges Bank acquired a new stake in shares of ArcBest in the 4th quarter valued at $9,298,000. The Manufacturers Life Insurance Company grew its holdings in shares of ArcBest by 20.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 154,972 shares of the transportation company’s stock worth $18,629,000 after purchasing an additional 26,411 shares during the last quarter. Inspire Investing LLC boosted its position in ArcBest by 39.6% in the first quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock valued at $2,138,000 after buying an additional 4,258 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after purchasing an additional 14,463 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ARCB. StockNews.com cut ArcBest from a “buy” rating to a “hold” rating in a research note on Wednesday. TD Cowen decreased their price target on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Morgan Stanley decreased their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. JPMorgan Chase & Co. cut their price target on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Finally, Stifel Nicolaus reduced their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $133.18.

ArcBest Stock Down 1.4 %

Shares of NASDAQ:ARCB opened at $111.47 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market capitalization of $2.64 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. ArcBest Co. has a 1 year low of $86.93 and a 1 year high of $153.60. The business has a fifty day moving average price of $109.30 and a two-hundred day moving average price of $117.03.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business posted $1.54 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Analysts forecast that ArcBest Co. will post 7.21 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.43%. ArcBest’s payout ratio is 9.66%.

Insider Buying and Selling

In related news, Director Salvatore A. Abbate bought 1,000 shares of ArcBest stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.65% of the stock is currently owned by insiders.

ArcBest Profile

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.