The Manufacturers Life Insurance Company Makes New Investment in ArcBest Corporation $ARCB

The Manufacturers Life Insurance Company acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) in the 2nd quarter, HoldingsChannel reports. The firm acquired 101,751 shares of the transportation company’s stock, valued at approximately $14,605,000.

Several other hedge funds also recently made changes to their positions in the company. C M Bidwell & Associates Ltd. acquired a new stake in ArcBest in the second quarter valued at about $74,000. Federated Hermes Inc. increased its position in shares of ArcBest by 126.6% in the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after buying an additional 567 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after acquiring an additional 934 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in ArcBest during the 2nd quarter valued at $85,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of ArcBest during the second quarter valued at $92,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Insider Transactions at ArcBest

In other ArcBest news, Director Judy R. Mcreynolds sold 2,857 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the transaction, the director owned 50,048 shares of the company’s stock, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Erin K. Gattis sold 6,163 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total transaction of $862,820.00. Following the transaction, the insider owned 24,286 shares in the company, valued at $3,400,040. This represents a 20.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,963 shares of company stock valued at $1,678,066 in the last quarter. 0.98% of the stock is currently owned by insiders.

ArcBest Trading Down 1.9%

NASDAQ ARCB opened at $136.54 on Friday. The firm has a market capitalization of $3.05 billion, a PE ratio of 197.88, a price-to-earnings-growth ratio of 0.46 and a beta of 1.57. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50-day simple moving average of $144.72 and a 200-day simple moving average of $125.99.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping 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 business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company earned $1.36 EPS. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities analysts forecast that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Dividend Announcement

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

Analyst Ratings Changes

Several research firms have commented on ARCB. Morgan Stanley lifted their target price on shares of ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. UBS Group boosted their target price on ArcBest from $145.00 to $154.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Wells Fargo & Company increased their price target on ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. Zacks Research cut shares of ArcBest from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, Stephens raised ArcBest to a “strong-buy” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ArcBest currently has an average rating of “Moderate Buy” and an average price target of $154.23.

About ArcBest

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.