Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 22,843 ArcBest Corporation $ARCB

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ArcBest Corporation (NASDAQ:ARCB) in the 2nd quarter, HoldingsChannel reports. The fund acquired 22,843 shares of the transportation company’s stock, valued at approximately $1,759,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Partners Group Holding AG boosted its stake in ArcBest by 23.2% during the second quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock worth $11,357,000 after acquiring an additional 27,797 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ArcBest by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 192,618 shares of the transportation company’s stock valued at $14,834,000 after purchasing an additional 812 shares during the period. South Dakota Investment Council increased its position in shares of ArcBest by 138.5% during the second quarter. South Dakota Investment Council now owns 9,300 shares of the transportation company’s stock worth $716,000 after acquiring an additional 5,400 shares during the period. Wincap Financial LLC raised its position in ArcBest by 20.6% during the 2nd quarter. Wincap Financial LLC now owns 13,569 shares of the transportation company’s stock valued at $1,045,000 after purchasing an additional 2,314 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in ArcBest by 40.8% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 26,459 shares of the transportation company’s stock worth $2,038,000 after acquiring an additional 7,671 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. TD Cowen decreased their price target on shares of ArcBest from $67.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday, November 6th. Wells Fargo & Company dropped their target price on ArcBest from $80.00 to $74.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Stephens lowered ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price target on the stock. in a report on Thursday, November 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Finally, Morgan Stanley cut their price objective on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, July 31st. Six equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $85.67.

ArcBest Stock Performance

NASDAQ:ARCB opened at $63.96 on Monday. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $115.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The company has a 50 day moving average price of $71.09 and a 200 day moving average price of $71.68. The stock has a market capitalization of $1.44 billion, a P/E ratio of 9.52, a PEG ratio of 1.35 and a beta of 1.67.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the firm earned $1.64 earnings per share. The firm’s revenue was down 1.4% compared to the same quarter last year. Equities research analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.48 annualized dividend and a yield of 0.8%. ArcBest’s dividend payout ratio is presently 11.40%.

ArcBest Company Profile

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.