ArcBest Co. (NASDAQ:ARCB) Stock Holdings Increased by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. raised its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 7,152.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,092 shares of the transportation company’s stock after buying an additional 6,008 shares during the period. Harbor Capital Advisors Inc.’s holdings in ArcBest were worth $430,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its stake in shares of ArcBest by 146.3% during the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after acquiring an additional 177 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in ArcBest by 471.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock worth $51,000 after purchasing an additional 453 shares in the last quarter. Curat Global LLC acquired a new stake in ArcBest during the 1st quarter worth about $82,000. Cibc World Markets Corp acquired a new stake in ArcBest during the 4th quarter worth about $206,000. Finally, Lido Advisors LLC purchased a new stake in ArcBest during the fourth quarter valued at about $211,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Trading Down 2.7%

NASDAQ:ARCB opened at $68.10 on Friday. The company’s 50 day moving average is $63.58 and its 200-day moving average is $80.84. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest Co. has a 12 month low of $55.19 and a 12 month high of $129.83. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 9.29, a P/E/G ratio of 1.70 and a beta of 1.68.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a net margin of 4.16% and a return on equity of 11.79%. The business had revenue of $967.08 million during the quarter, compared to analyst estimates of $990.03 million. During the same period in the prior year, the business posted $1.34 earnings per share. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities analysts anticipate that ArcBest Co. will post 7 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a $0.12 dividend. The ex-dividend date was Friday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. ArcBest’s dividend payout ratio is 6.35%.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of recent analyst reports. Jefferies Financial Group restated a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of ArcBest in a report on Tuesday. Stephens reissued an “overweight” rating and set a $116.00 target price on shares of ArcBest in a research note on Tuesday, March 11th. UBS Group lowered their price target on ArcBest from $100.00 to $64.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus decreased their price objective on ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Finally, TD Cowen lowered their target price on ArcBest from $80.00 to $72.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $89.42.

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.