Elevation Point Wealth Partners LLC Raises Position in ArcBest Corporation (NASDAQ:ARCB)

Elevation Point Wealth Partners LLC raised its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 33.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,053 shares of the transportation company’s stock after purchasing an additional 762 shares during the period. Elevation Point Wealth Partners LLC’s holdings in ArcBest were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in ArcBest by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after purchasing an additional 20,665 shares during the period. Alliancebernstein L.P. raised its position in ArcBest by 9.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after purchasing an additional 220,325 shares during the period. Westwood Holdings Group Inc. raised its position in ArcBest by 2.6% during the fourth quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after purchasing an additional 16,239 shares during the period. American Century Companies Inc. raised its position in ArcBest by 16.3% during the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after purchasing an additional 86,867 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in ArcBest by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company’s stock valued at $39,769,000 after purchasing an additional 11,894 shares during the period. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Stock Down 1.9%

Shares of NASDAQ:ARCB opened at $67.92 on Wednesday. ArcBest Corporation has a 52-week low of $55.19 and a 52-week high of $129.83. The stock has a market cap of $1.56 billion, a P/E ratio of 8.98, a price-to-earnings-growth ratio of 0.73 and a beta of 1.68. The business’s 50 day moving average is $63.70 and its 200 day moving average is $80.20. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data 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 return on equity of 10.05% and a net margin of 4.37%. The firm had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. During the same period last year, the company earned $1.34 EPS. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. Sell-side analysts predict that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.71%. ArcBest’s dividend payout ratio is currently 6.35%.

Analysts Set New Price Targets

A number of research firms have recently commented on ARCB. Wall Street Zen raised ArcBest from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Truist Financial cut their target price on ArcBest from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. The Goldman Sachs Group raised ArcBest from a “neutral” rating to a “buy” rating and upped their target price for the company from $84.00 to $101.00 in a research note on Monday, June 2nd. Bank of America raised ArcBest from an “underperform” rating to a “neutral” rating and upped their target price for the company from $63.00 to $74.00 in a research note on Tuesday, June 10th. Finally, Stephens reaffirmed an “overweight” rating and set a $116.00 target price on shares of ArcBest in a research note on Tuesday, March 11th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.