Piermont Capital Management Inc. raised its holdings in ArcBest (NASDAQ:ARCB) by 2.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 73,229 shares of the transportation company’s stock after buying an additional 1,570 shares during the quarter. Piermont Capital Management Inc. owned about 0.29% of ArcBest worth $2,347,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. California Public Employees Retirement System raised its stake in ArcBest by 29.2% in the third quarter. California Public Employees Retirement System now owns 43,786 shares of the transportation company’s stock valued at $1,465,000 after buying an additional 9,886 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in ArcBest by 3.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 323,068 shares of the transportation company’s stock valued at $11,550,000 after buying an additional 11,611 shares during the last quarter. Spark Investment Management LLC raised its stake in ArcBest by 41.5% in the fourth quarter. Spark Investment Management LLC now owns 174,300 shares of the transportation company’s stock valued at $6,231,000 after buying an additional 51,100 shares during the last quarter. James Investment Research Inc. purchased a new stake in ArcBest in the fourth quarter valued at about $1,000,000. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in ArcBest by 125.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 146,900 shares of the transportation company’s stock valued at $5,251,000 after buying an additional 81,700 shares during the last quarter. Institutional investors own 89.77% of the company’s stock.
Shares of ArcBest opened at $47.75 on Monday, Marketbeat reports. ArcBest has a 52-week low of $17.70 and a 52-week high of $49.70. The stock has a market capitalization of $1.22 billion, a PE ratio of 35.90, a PEG ratio of 0.51 and a beta of 1.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.33 and a quick ratio of 1.33.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 29th. Stockholders of record on Tuesday, May 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Monday, May 14th. ArcBest’s payout ratio is 24.06%.
A number of research firms have commented on ARCB. BidaskClub upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Wednesday, May 16th. ValuEngine upgraded ArcBest from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 12th. Cowen restated a “market perform” rating and issued a $41.00 price objective (up from $39.00) on shares of ArcBest in a research note on Friday, May 11th. Zacks Investment Research cut ArcBest from a “buy” rating to a “hold” rating in a research note on Monday, April 23rd. Finally, Stephens restated a “hold” rating and issued a $37.00 price objective on shares of ArcBest in a research note on Thursday, April 12th. Ten equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $35.00.
In related news, SVP Michael E. Newcity sold 5,589 shares of ArcBest stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $47.00, for a total transaction of $262,683.00. Following the completion of the transaction, the senior vice president now directly owns 40,000 shares in the company, valued at $1,880,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.19% of the stock is currently owned by company insiders.
ArcBest Company Profile
ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.
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