B. Riley Wealth Advisors Inc. Purchases New Stake in ArcBest Corporation $ARCB

by · The Cerbat Gem

B. Riley Wealth Advisors Inc. acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB – Free Report) in the third quarter, HoldingsChannel reports. The institutional investor acquired 4,302 shares of the transportation company’s stock, valued at approximately $548,000.

A number of other large investors have also added to or reduced their stakes in ARCB. BlackRock Inc. bought a new stake in ArcBest in the second quarter worth $503,476,000. Dimensional Fund Advisors LP raised its position in shares of ArcBest by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock worth $137,429,000 after purchasing an additional 47,848 shares during the last quarter. Maple Rock Capital Partners Inc. raised its position in shares of ArcBest by 32.5% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock worth $76,901,000 after purchasing an additional 131,400 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of ArcBest in the 2nd quarter worth about $27,281,000. Finally, Empowered Funds LLC bought a new position in ArcBest in the 2nd quarter worth about $20,787,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Trading Down 2.3%

Shares of ArcBest stock opened at $129.98 on Friday. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 0.40 and a beta of 1.70. The business has a 50-day moving average price of $134.08 and a 200-day moving average price of $134.42. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a twelve month low of $59.43 and a twelve month high of $176.69.

ArcBest (NASDAQ:ARCB – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm earned $1.36 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts anticipate that ArcBest Corporation will post 7.06 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. ArcBest’s dividend payout ratio is presently 69.57%.

Insider Buying and Selling at ArcBest

In other news, Director Judy R. Mcreynolds sold 2,857 shares of the business’s stock in a transaction dated 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 in the company, valued at $6,955,671.04. The trade was a 5.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erin K. Gattis sold 6,163 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the sale, the insider owned 24,286 shares in the company, valued at $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,818 shares of company stock worth $1,793,568 over the last 90 days. 0.98% of the stock is owned by insiders.

Analysts Set New Price Targets

ARCB has been the topic of a number of research reports. Stifel Nicolaus dropped their price target on ArcBest from $185.00 to $168.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Stephens upgraded ArcBest to a “strong-buy” rating in a research report on Wednesday, July 8th. Morgan Stanley raised their price objective on ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. TD Cowen lowered their price objective on ArcBest from $175.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, July 30th. Finally, Zacks Research cut ArcBest from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $153.15.

Get Our Latest Stock Report on ARCB

About ArcBest

(Free Report)

ArcBest Corporation (NASDAQ: ARCB) is a logistics company that provides freight transportation and supply chain services to businesses in North America and international markets. Headquartered in Fort Smith, Arkansas, the company serves manufacturers, distributors, retailers and other commercial customers through a combination of asset-based transportation and asset-light logistics solutions.

ArcBest’s asset-based operations are conducted primarily through ABF Freight, a less-than-truckload carrier that transports palletized freight and offers regional, interregional and long-distance services.

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