Zimmer Partners LP Acquires 35,000 Shares of ArcBest Corporation $ARCB

Zimmer Partners LP raised its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 33.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 140,000 shares of the transportation company’s stock after purchasing an additional 35,000 shares during the period. Zimmer Partners LP owned 0.61% of ArcBest worth $9,881,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ARCB. Signaturefd LLC increased its position in shares of ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 320 shares in the last quarter. CWM LLC increased its position in shares of ArcBest by 338.8% during the first quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 349 shares in the last quarter. Curat Global LLC bought a new stake in shares of ArcBest during the first quarter valued at approximately $82,000. GAMMA Investing LLC increased its position in shares of ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 932 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of ArcBest during the first quarter valued at approximately $143,000. Institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, July 31st. The Goldman Sachs Group raised shares of ArcBest from a “neutral” rating to a “buy” rating and raised their price target for the company from $84.00 to $101.00 in a research report on Monday, June 2nd. Zacks Research raised shares of ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Morgan Stanley dropped their target price on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Finally, Bank of America upgraded shares of ArcBest from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and a consensus target price of $90.00.

ArcBest Trading Down 0.5%

Shares of ARCB stock opened at $75.34 on Tuesday. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $123.25. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $76.87 and its 200 day moving average is $71.01. The stock has a market capitalization of $1.71 billion, a P/E ratio of 11.21, a P/E/G ratio of 0.87 and a beta of 1.69.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The company’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.98 EPS. Research analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Friday, August 8th. ArcBest’s dividend payout ratio (DPR) is currently 7.14%.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.