ArcBest Co. (NASDAQ:ARCB) Shares Purchased by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC raised its position in ArcBest Co. (NASDAQ:ARCB) by 3.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,671 shares of the transportation company’s stock after acquiring an additional 2,235 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in ArcBest were worth $8,931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ARCB. Price T Rowe Associates Inc. MD lifted its position in shares of ArcBest by 54.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after purchasing an additional 7,291 shares during the last quarter. BOKF NA raised its stake in ArcBest by 54.5% in the first quarter. BOKF NA now owns 2,538 shares of the transportation company’s stock valued at $361,000 after buying an additional 895 shares in the last quarter. UniSuper Management Pty Ltd purchased a new stake in ArcBest during the 1st quarter worth about $666,000. Seven Eight Capital LP acquired a new position in shares of ArcBest during the 1st quarter worth about $290,000. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of ArcBest by 19.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,231 shares of the transportation company’s stock valued at $460,000 after acquiring an additional 529 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Performance

Shares of ARCB stock opened at $124.32 on Wednesday. The stock’s 50-day moving average price is $109.94 and its 200 day moving average price is $124.41. ArcBest Co. has a 52-week low of $86.93 and a 52-week high of $153.60. The stock has a market capitalization of $2.91 billion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 0.98 and a beta of 1.48. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 15.27% and a net margin of 2.80%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 EPS. As a group, equities research analysts forecast that ArcBest Co. will post 8.26 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, August 13th. ArcBest’s dividend payout ratio (DPR) is presently 9.66%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Cowen decreased their target price on ArcBest from $177.00 to $148.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Wells Fargo & Company began coverage on shares of ArcBest in a report on Friday, June 7th. They issued an “overweight” rating and a $140.00 target price for the company. UBS Group dropped their target price on shares of ArcBest from $150.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Bank of America upped their price objective on shares of ArcBest from $110.00 to $112.00 and gave the company an “underperform” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley cut their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $143.85.

ArcBest Company 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.