Pullen Investment Management LLC Purchases New Holdings in ArcBest Corporation $ARCB

Pullen Investment Management LLC acquired a new position in ArcBest Corporation (NASDAQ:ARCB) in the first quarter, Holdings Channel reports. The firm acquired 28,735 shares of the transportation company’s stock, valued at approximately $2,826,000. ArcBest accounts for 1.4% of Pullen Investment Management LLC’s portfolio, making the stock its 19th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in ArcBest by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock valued at $181,852,000 after purchasing an additional 6,808 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of ArcBest by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,349,439 shares of the transportation company’s stock valued at $100,117,000 after purchasing an additional 7,816 shares in the last quarter. Invesco Ltd. boosted its position in shares of ArcBest by 625.4% in the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after buying an additional 793,607 shares during the period. American Century Companies Inc. boosted its position in shares of ArcBest by 9.6% in the third quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock worth $57,090,000 after buying an additional 71,420 shares during the period. Finally, Turtle Creek Asset Management Inc. purchased a new position in shares of ArcBest during the third quarter valued at $39,508,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley reissued an “overweight” rating and set a $150.00 price target on shares of ArcBest in a research report on Wednesday, April 29th. UBS Group lifted their target price on ArcBest from $98.00 to $122.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Bank of America lifted their target price on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. JPMorgan Chase & Co. increased their price target on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Truist Financial raised their price target on shares of ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.42.

ArcBest Stock Performance

NASDAQ ARCB opened at $144.53 on Friday. ArcBest Corporation has a 1-year low of $59.43 and a 1-year high of $176.69. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.22 billion, a PE ratio of 59.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.55. The firm’s fifty day simple moving average is $131.21 and its 200-day simple moving average is $104.47.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.ArcBest’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.51 earnings per share. As a group, sell-side analysts anticipate that ArcBest Corporation will post 5.87 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s dividend payout ratio is presently 19.75%.

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.