Bryce Point Capital LLC Invests $476,000 in ArcBest Corporation $ARCB

Bryce Point Capital LLC purchased a new stake in ArcBest Corporation (NASDAQ:ARCB) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,816 shares of the transportation company’s stock, valued at approximately $476,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its holdings in ArcBest by 158.7% during the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock valued at $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of ArcBest during the second quarter worth about $12,657,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in ArcBest by 241.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 123,904 shares of the transportation company’s stock valued at $10,149,000 after buying an additional 87,592 shares in the last quarter. Finally, Impala Asset Management LLC acquired a new stake in ArcBest in the 2nd quarter worth about $5,468,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

NASDAQ:ARCB opened at $106.06 on Wednesday. ArcBest Corporation has a one year low of $55.19 and a one year high of $112.92. The stock has a market cap of $2.39 billion, a PE ratio of 40.64, a P/E/G ratio of 14.22 and a beta of 1.54. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.95. The stock has a 50 day moving average price of $84.84 and a 200 day moving average price of $75.83.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). The company had revenue of $972.69 million for the quarter, compared to analyst estimates of $963.74 million. ArcBest had a return on equity of 6.51% and a net margin of 1.50%.The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the firm posted $1.33 EPS. Equities research analysts expect that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. ArcBest’s payout ratio is presently 18.39%.

Analysts Set New Price Targets

Several equities research analysts have commented on ARCB shares. Stifel Nicolaus cut their price objective on ArcBest from $96.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, February 2nd. Truist Financial lifted their price target on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Citigroup boosted their price target on ArcBest from $104.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $100.00 price objective on shares of ArcBest in a report on Saturday, January 31st. Finally, UBS Group reaffirmed a “neutral” rating and set a $98.00 target price on shares of ArcBest in a research note on Wednesday, February 4th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ArcBest currently has a consensus rating of “Hold” and an average target price of $97.00.

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.