New Wave Wealth Advisors LLC Invests $1.43 Million in ArcBest Co. (NASDAQ:ARCB)

New Wave Wealth Advisors LLC bought a new position in shares of ArcBest Co. (NASDAQ:ARCB) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 13,349 shares of the transportation company’s stock, valued at approximately $1,429,000.

A number of other institutional investors have also recently added to or reduced their stakes in ARCB. Contravisory Investment Management Inc. boosted its position in shares of ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in ArcBest by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock worth $1,264,000 after buying an additional 100 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of ArcBest by 45.8% during the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 114 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in ArcBest by 4.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,101 shares of the transportation company’s stock worth $332,000 after purchasing an additional 125 shares in the last quarter. Finally, Johnson Investment Counsel Inc. grew its holdings in shares of ArcBest by 6.5% during the second quarter. Johnson Investment Counsel Inc. now owns 2,095 shares of the transportation company’s stock valued at $224,000 after buying an additional 128 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Performance

NASDAQ:ARCB opened at $108.45 on Tuesday. The firm has a market capitalization of $2.54 billion, a PE ratio of 21.82, a PEG ratio of 1.37 and a beta of 1.46. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest Co. has a 1 year low of $86.93 and a 1 year high of $153.60. The firm’s fifty day simple moving average is $108.88 and its 200 day simple moving average is $116.54.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that ArcBest Co. will post 7.21 EPS for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.44%. The ex-dividend date was Tuesday, August 13th. ArcBest’s payout ratio is currently 9.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ARCB shares. Stephens restated an “overweight” rating and set a $130.00 price objective on shares of ArcBest in a research report on Wednesday, September 4th. StockNews.com cut shares of ArcBest from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Bank of America lowered their price objective on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Morgan Stanley cut their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. Finally, TD Cowen lowered their price target on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $133.18.

Insider Buying and Selling at ArcBest

In other news, Director Salvatore A. Abbate acquired 1,000 shares of ArcBest stock in a transaction on Monday, August 12th. The stock was bought at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now owns 3,650 shares of the company’s stock, valued at $379,344.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.65% of the company’s stock.

ArcBest 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.