Envestnet Asset Management Inc. Purchases 2,925 Shares of ArcBest Corporation (NASDAQ:ARCB)

Envestnet Asset Management Inc. lifted its position in ArcBest Corporation (NASDAQ:ARCB) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,522 shares of the transportation company’s stock after acquiring an additional 2,925 shares during the quarter. Envestnet Asset Management Inc. owned 0.18% of ArcBest worth $2,860,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its holdings in shares of ArcBest by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock worth $230,000 after acquiring an additional 157 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of ArcBest by 4.3% in the 4th quarter. Franklin Resources Inc. now owns 7,406 shares of the transportation company’s stock worth $691,000 after acquiring an additional 305 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of ArcBest by 9.1% in the 4th quarter. Bank of Montreal Can now owns 4,568 shares of the transportation company’s stock worth $426,000 after acquiring an additional 380 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ArcBest by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,398 shares of the transportation company’s stock valued at $1,250,000 after buying an additional 525 shares in the last quarter. Finally, BOKF NA lifted its holdings in ArcBest by 7.6% during the 4th quarter. BOKF NA now owns 7,516 shares of the transportation company’s stock valued at $700,000 after buying an additional 531 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Trading Up 2.4%

NASDAQ:ARCB opened at $86.21 on Monday. ArcBest Corporation has a one year low of $55.19 and a one year high of $129.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $1.98 billion, a P/E ratio of 11.40, a P/E/G ratio of 0.91 and a beta of 1.71. The firm has a 50-day simple moving average of $72.86 and a 200-day simple moving average of $75.77.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The business had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. During the same quarter in the prior year, the firm posted $1.34 EPS. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities analysts anticipate that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.56%. ArcBest’s payout ratio is currently 6.35%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ARCB shares. Citigroup lifted their price objective on shares of ArcBest from $67.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on shares of ArcBest from $60.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, July 7th. Bank of America upgraded shares of ArcBest from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. UBS Group lifted their price objective on shares of ArcBest from $64.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of ArcBest from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $94.00.

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.