26,224 Shares in ArcBest Corporation $ARCB Acquired by Walleye Capital LLC

Walleye Capital LLC purchased a new stake in ArcBest Corporation (NASDAQ:ARCB) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 26,224 shares of the transportation company’s stock, valued at approximately $2,579,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ARCB. Invesco Ltd. lifted its holdings in shares of ArcBest by 625.4% during 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 in the last quarter. Turtle Creek Asset Management Inc. bought a new stake in shares of ArcBest in the third quarter valued at about $39,508,000. Principal Financial Group Inc. grew its stake in shares of ArcBest by 349.9% in the fourth quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock valued at $36,634,000 after acquiring an additional 384,024 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of ArcBest by 158.7% in the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock valued at $37,740,000 after acquiring an additional 300,642 shares in the last quarter. Finally, Encompass Capital Advisors LLC bought a new position in ArcBest during the fourth quarter worth about $20,402,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on ARCB shares. Morgan Stanley lifted their price objective 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. Stephens upgraded shares of ArcBest to a “strong-buy” rating in a research report on Wednesday, July 8th. Bank of America raised their target price on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group lifted their price target on shares of ArcBest from $117.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, ArcBest currently has an average rating of “Moderate Buy” and a consensus price target of $155.08.

ArcBest Stock Down 1.5%

Shares of NASDAQ ARCB opened at $156.99 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The stock has a market capitalization of $3.50 billion, a P/E ratio of 64.61, a PEG ratio of 0.56 and a beta of 1.57. The stock’s fifty day moving average is $146.06 and its 200 day moving average is $117.23.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. During the same quarter in the previous year, the firm earned $0.51 earnings per share. ArcBest’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that ArcBest Corporation will post 6.62 earnings per share for the current fiscal year.

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.