Connor Clark & Lunn Investment Management Ltd. Takes Position in ArcBest Corporation $ARCB

Connor Clark & Lunn Investment Management Ltd. bought a new stake in ArcBest Corporation (NASDAQ:ARCB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,843 shares of the transportation company’s stock, valued at approximately $1,759,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of ArcBest at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Partners Group Holding AG grew its stake in shares of ArcBest by 23.2% during the second quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock worth $11,357,000 after purchasing an additional 27,797 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ArcBest by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 192,618 shares of the transportation company’s stock worth $14,834,000 after purchasing an additional 812 shares in the last quarter. South Dakota Investment Council raised its holdings in ArcBest by 138.5% during the second quarter. South Dakota Investment Council now owns 9,300 shares of the transportation company’s stock worth $716,000 after acquiring an additional 5,400 shares in the last quarter. Wincap Financial LLC lifted its stake in ArcBest by 20.6% in the second quarter. Wincap Financial LLC now owns 13,569 shares of the transportation company’s stock valued at $1,045,000 after acquiring an additional 2,314 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in ArcBest by 40.8% during the second quarter. Linden Thomas Advisory Services LLC now owns 26,459 shares of the transportation company’s stock worth $2,038,000 after purchasing an additional 7,671 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Ratings Changes

ARCB has been the topic of a number of research reports. UBS Group decreased their price objective on ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Stephens cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price objective for the company. in a research report on Thursday, November 6th. Zacks Research upgraded ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Morgan Stanley decreased their target price on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, July 31st. Finally, Wells Fargo & Company cut their target price on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $85.67.

ArcBest Trading Down 2.2%

Shares of ARCB stock opened at $63.96 on Monday. ArcBest Corporation has a 1 year low of $55.19 and a 1 year high of $115.76. The company’s fifty day simple moving average is $71.09 and its two-hundred day simple moving average is $71.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 1.35 and a beta of 1.67.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 earnings per share. As a group, analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, November 14th. ArcBest’s dividend payout ratio is 11.40%.

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.