VIRGINIA RETIREMENT SYSTEMS ET Al Purchases 9,500 Shares of ArcBest Corporation $ARCB

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in ArcBest Corporation (NASDAQ:ARCB) by 271.4% during the third quarter, Holdings Channel reports. The institutional investor owned 13,000 shares of the transportation company’s stock after buying an additional 9,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in ArcBest were worth $908,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ARCB. Farther Finance Advisors LLC grew its holdings in ArcBest by 433.3% in the second quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after purchasing an additional 312 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in ArcBest during the 2nd quarter worth $51,000. Canada Pension Plan Investment Board acquired a new position in ArcBest during the 2nd quarter valued at about $85,000. GAMMA Investing LLC increased its position in ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock valued at $123,000 after buying an additional 168 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in ArcBest by 19.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,645 shares of the transportation company’s stock valued at $127,000 after buying an additional 272 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Stock Performance

ARCB opened at $77.17 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 12-month low of $55.19 and a 12-month high of $103.63. The firm has a 50 day moving average of $70.61 and a two-hundred day moving average of $73.23. The firm has a market capitalization of $1.74 billion, a PE ratio of 18.33, a P/E/G ratio of 8.93 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.64 earnings per share. On average, analysts anticipate that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, November 14th. ArcBest’s payout ratio is 11.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of ArcBest from $73.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Wells Fargo & Company dropped their target price on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Citigroup cut their price target on shares of ArcBest from $87.00 to $83.00 and set a “buy” rating on the stock in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. raised their price target on shares of ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Finally, UBS Group dropped their price objective on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $86.00.

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.