Bastion Asset Management Inc. Takes Position in ArcBest Corporation $ARCB

Bastion Asset Management Inc. purchased a new position in shares of ArcBest Corporation (NASDAQ:ARCB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 54,324 shares of the transportation company’s stock, valued at approximately $3,790,000. ArcBest accounts for approximately 2.2% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Bastion Asset Management Inc. owned approximately 0.24% of ArcBest as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Johnson Investment Counsel Inc. purchased a new stake in ArcBest in the 3rd quarter worth approximately $28,000. FNY Investment Advisers LLC acquired a new position in shares of ArcBest in the second quarter worth $51,000. Smartleaf Asset Management LLC increased its stake in shares of ArcBest by 26.9% in the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after acquiring an additional 143 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of ArcBest during the second quarter worth $85,000. Finally, Bessemer Group Inc. boosted its position in ArcBest by 180.9% during the third quarter. Bessemer Group Inc. now owns 1,469 shares of the transportation company’s stock valued at $103,000 after purchasing an additional 946 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ARCB shares. Stifel Nicolaus dropped their target price on ArcBest from $96.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, February 2nd. Wells Fargo & Company increased their price objective on ArcBest from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Sunday, February 1st. Jefferies Financial Group raised their price objective on shares of ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Zacks Research raised shares of ArcBest from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Finally, Citigroup raised their price target on shares of ArcBest from $104.00 to $105.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $97.00.

ArcBest Price Performance

Shares of ArcBest stock opened at $104.40 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $86.90 and a 200-day simple moving average of $76.34. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 40.00, a PEG ratio of 13.66 and a beta of 1.53. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $112.92.

ArcBest (NASDAQ:ARCB) last released its earnings results 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 firm 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 firm’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. On average, sell-side analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

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

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.