ArcBest Corporation $ARCB Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its stake in ArcBest Corporation (NASDAQ:ARCB) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 436,921 shares of the transportation company’s stock after acquiring an additional 10,766 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.89% of ArcBest worth $30,838,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ARCB. Westwood Holdings Group Inc. grew its position in shares of ArcBest by 36.7% in the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock valued at $61,353,000 after purchasing an additional 233,409 shares during the period. Federated Hermes Inc. purchased a new stake in ArcBest during the first quarter valued at about $9,202,000. GAMMA Investing LLC grew its position in ArcBest by 20,035.6% during the first quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company’s stock valued at $71,480,000 after acquiring an additional 100,779 shares during the period. Eisler Capital Management Ltd. purchased a new stake in ArcBest during the fourth quarter valued at about $7,695,000. Finally, Hudson Bay Capital Management LP purchased a new stake in ArcBest during the fourth quarter valued at about $5,706,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ARCB shares. Bank of America raised ArcBest from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $63.00 to $74.00 in a research report on Tuesday, June 10th. Stifel Nicolaus lowered their price target on ArcBest from $93.00 to $81.00 and set a “buy” rating for the company in a research report on Thursday, July 31st. Citigroup boosted their price target on ArcBest from $67.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, July 9th. Jefferies Financial Group reissued a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Finally, Morgan Stanley reduced their price objective on ArcBest from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, July 31st. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $90.00.

ArcBest Trading Up 1.9%

NASDAQ:ARCB opened at $73.20 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. ArcBest Corporation has a one year low of $55.19 and a one year high of $123.25. The business’s 50-day simple moving average is $76.12 and its 200 day simple moving average is $73.01. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 0.83 and a beta of 1.69.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.12). The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 EPS. As a group, sell-side analysts predict that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 8th. ArcBest’s dividend payout ratio (DPR) is presently 7.14%.

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.