Concurrent Investment Advisors LLC Acquires Shares of 17,927 ArcBest Corporation $ARCB

Concurrent Investment Advisors LLC acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,927 shares of the transportation company’s stock, valued at approximately $2,573,000.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of ArcBest in the 2nd quarter worth $503,476,000. Invesco Ltd. increased its stake in ArcBest by 625.4% during the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock valued at $68,292,000 after purchasing an additional 793,607 shares in the last quarter. Turtle Creek Asset Management Inc. acquired a new position in ArcBest during the third quarter worth $39,508,000. Ameriprise Financial Inc. raised its holdings in ArcBest by 158.7% during the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after buying an additional 300,642 shares during the last quarter. Finally, Encompass Capital Advisors LLC bought a new position in shares of ArcBest in the fourth quarter valued at $20,402,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ARCB. Truist Financial lifted their price objective on shares of ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Wells Fargo & Company raised their price target on shares of ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. The Goldman Sachs Group reiterated a “buy” rating and set a $172.00 price target on shares of ArcBest in a research note on Wednesday, July 29th. Stifel Nicolaus boosted their price objective on ArcBest from $134.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. boosted their price objective on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $154.23.

Insider Buying and Selling

In other news, insider Erin Gattis sold 6,163 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Judy McReynolds sold 2,857 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total value of $397,065.86. Following the sale, the director directly owned 50,048 shares of the company’s stock, valued at $6,955,671.04. The trade was a 5.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,963 shares of company stock worth $1,678,066 in the last 90 days. Company insiders own 0.98% of the company’s stock.

ArcBest Stock Performance

NASDAQ ARCB opened at $138.10 on Wednesday. The company has a fifty day moving average price of $143.56 and a 200-day moving average price of $127.75. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 200.14, a PEG ratio of 0.46 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. ArcBest Corporation has a 1 year low of $59.43 and a 1 year high of $176.69.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the firm earned $1.36 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts predict that ArcBest Corporation will post 6.9 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, August 7th. ArcBest’s payout ratio is presently 69.57%.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.