Aristotle Capital Boston LLC Has $4.99 Million Position in ArcBest Corp (ARCB)
Aristotle Capital Boston LLC reduced its position in ArcBest Corp (NASDAQ:ARCB) by 29.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 109,261 shares of the transportation company’s stock after selling 45,224 shares during the quarter. Aristotle Capital Boston LLC’s holdings in ArcBest were worth $4,993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board purchased a new position in ArcBest during the second quarter worth about $402,000. Globeflex Capital L P purchased a new position in ArcBest during the second quarter worth about $133,000. Legal & General Group Plc boosted its stake in ArcBest by 5.2% during the second quarter. Legal & General Group Plc now owns 50,609 shares of the transportation company’s stock worth $2,324,000 after buying an additional 2,510 shares during the period. Chicago Equity Partners LLC boosted its stake in ArcBest by 200.9% during the second quarter. Chicago Equity Partners LLC now owns 217,510 shares of the transportation company’s stock worth $9,940,000 after buying an additional 145,230 shares during the period. Finally, BlackRock Inc. boosted its stake in ArcBest by 6.2% during the second quarter. BlackRock Inc. now owns 3,555,928 shares of the transportation company’s stock worth $162,507,000 after buying an additional 206,629 shares during the period. Hedge funds and other institutional investors own 94.66% of the company’s stock.
Several research analysts have weighed in on ARCB shares. BidaskClub lowered shares of ArcBest from a “buy” rating to a “hold” rating in a research note on Friday, June 15th. Cowen reaffirmed a “market perform” rating and set a $41.00 target price (up previously from $39.00) on shares of ArcBest in a research note on Friday, May 11th. ValuEngine raised shares of ArcBest from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 12th. Stifel Nicolaus reaffirmed a “hold” rating and set a $46.00 target price on shares of ArcBest in a research note on Friday, August 3rd. Finally, Zacks Investment Research raised shares of ArcBest from a “hold” rating to a “strong-buy” rating and set a $55.00 target price for the company in a research note on Tuesday, June 19th. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $44.25.
ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, July 31st. The transportation company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.13. The business had revenue of $793.35 million for the quarter, compared to analysts’ expectations of $786.86 million. ArcBest had a net margin of 2.12% and a return on equity of 9.88%. analysts predict that ArcBest Corp will post 3.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Friday, August 10th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, August 9th. This represents a $0.32 annualized dividend and a dividend yield of 0.66%. ArcBest’s dividend payout ratio is presently 24.06%.
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.
Further Reading: Hedge Funds – Risk or Reward?
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