AlphaQuest LLC Takes $230,000 Position in ArcBest Corporation $ARCB

AlphaQuest LLC acquired a new position in ArcBest Corporation (NASDAQ:ARCB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,989 shares of the transportation company’s stock, valued at approximately $230,000.

Several other large investors have also recently modified their holdings of ARCB. Nuveen LLC bought a new position in shares of ArcBest during the 1st quarter worth approximately $18,460,000. Westwood Holdings Group Inc. raised its stake in shares of ArcBest by 36.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after acquiring an additional 233,409 shares in the last quarter. Ancora Advisors LLC raised its stake in shares of ArcBest by 1,812.9% during the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after acquiring an additional 193,892 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of ArcBest during the 1st quarter worth approximately $9,202,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after acquiring an additional 104,643 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Stock Up 4.6%

ARCB stock opened at $74.32 on Friday. The firm has a market cap of $1.69 billion, a PE ratio of 11.06, a P/E/G ratio of 1.35 and a beta of 1.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The firm’s fifty day moving average is $72.42 and its 200 day moving average is $71.09. ArcBest Corporation has a one year low of $55.19 and a one year high of $123.25.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company posted $1.98 EPS. The company’s revenue was down 5.1% on a year-over-year basis. On average, research analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARCB. Citigroup upgraded shares of ArcBest from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $89.00 in a research note on Wednesday, October 8th. TD Cowen dropped their price objective on shares of ArcBest from $72.00 to $67.00 and set a “hold” rating on the stock in a report on Wednesday, October 1st. UBS Group raised their target price on ArcBest from $73.00 to $80.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 30th. Wells Fargo & Company dropped their price target on ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 31st. Finally, Cowen restated a “hold” rating on shares of ArcBest in a research note on Wednesday, October 1st. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ArcBest currently has an average rating of “Hold” and a consensus price target of $90.33.

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.