In a recent filing with the Securities and Exchange Commission (SEC), Pacer Advisors Inc. revealed that it has increased its holdings in ArcBest Co. by 32.1% during the second quarter of this year. The firm now owns a total of 365,835 shares in the transportation company, an additional 88,917 shares purchased during this period. This represents an ownership stake of approximately 1.53% in ArcBest, with a value of $36,144,000 as of the latest filing.
ArcBest (NASDAQ:ARCB) recently announced its quarterly earnings results for the second quarter, which ended on July 28th. During this period, the transportation company reported earnings per share (EPS) of $1.54, falling short of analysts’ consensus estimate of $2.04 by a margin of ($0.50). While ArcBest generated revenue of $1.10 billion for the quarter, slightly lower than expectations set at $1.11 billion by industry experts.
Notably, ArcBest’s net margin was recorded at 4.95%, with a return on equity standing at 20.06%. However, it is important to highlight that the business experienced a decline in revenue compared to the previous year, amounting to a decrease of 16.5%. Dissimilarly, during the same period last year, ArcBest achieved an EPS figure of $4.30.
Equities analysts have weighed in and anticipate that ArcBest Co.’s current fiscal year will witness earnings per share amounting to approximately 6.45 EPS.
This data reflects recent developments surrounding ArcBest Co., providing insight into changes within its ownership structure as well as its latest financial performance and future expectations.
It remains crucial for investors and industry observers alike to stay updated with such information to make informed decisions regarding their investment strategies and market analysis moving forward.
Please note that this article is based on information available as of September 20, 2023.
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ArcBest Co. Attracts Institutional Investors and Analyst Interest as Potential for Growth Is Assessed
ArcBest Co. (NASDAQ: ARCB) has recently seen increased activity from institutional investors, with several buying and selling shares of the transportation company. FMR LLC, a prominent institutional investor, grew its stake in ArcBest by an impressive 776.2% during the first quarter of this year. They now own over 358,000 shares of the company’s stock valued at $33.1 million.
Envestnet Asset Management Inc. also saw significant growth in their position in ArcBest, with a 2,016.3% increase during the first quarter. They now own more than 227,000 shares of the transportation company’s stock valued at $519,000.
Other institutional investors such as Nicholas Investment Partners LP and FIL Ltd have also entered positions in ArcBest during the first quarter, valued at $8.79 million and $8.27 million respectively.
Renaissance Technologies LLC lifted its position in ArcBest by 31.8% during this period as well, owning over 357,000 shares now valued at $28.8 million.
Overall, it is estimated that institutional investors currently hold about 95.78% of ArcBest’s stock.
In terms of analyst ratings, various research analysts have weighed in on the company recently. While one analyst has given a sell rating for the stock, four rated it as hold and five as buy. According to Bloomberg.com, the consensus average rating for ArcBest is “Hold,” with a consensus price target of $123.90.
In other news related to the company, CEO Judy R. Mcreynolds recently sold over 15,400 shares of ArcBest stock on August 8th for an average price of $110.09 per share. Following this transaction, she now owns approximately 56,500 shares valued at around $6.22 million.
Insider trading activity has been significant in recent months with insiders selling a total of 51,922 shares worth $5.78 million. Approximately 1.65% of the company’s stock is now owned by insiders.
As of September 20, 2023, ArcBest Co.’s stock opened at $99.74 on the NASDAQ. The company has a market capitalization of $2.40 billion and a P/E ratio of 10.54. Its 50-day moving average price stands at $106.67, while its two-hundred-day moving average price is $96.38.
ArcBest Co., with its diversified position in the transportation industry, continues to attract attention from institutional investors and analysts alike, as they assess its potential for growth in the coming months and years.
