ArcBest Corporation $ARCB Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in ArcBest Corporation (NASDAQ:ARCB) by 17.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,681 shares of the transportation company’s stock after selling 5,443 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of ArcBest worth $2,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Elevation Point Wealth Partners LLC acquired a new stake in ArcBest in the first quarter valued at $215,000. Strs Ohio boosted its position in shares of ArcBest by 38.9% during the 1st quarter. Strs Ohio now owns 10,000 shares of the transportation company’s stock worth $984,000 after acquiring an additional 2,800 shares in the last quarter. Inspire Investing LLC increased its holdings in shares of ArcBest by 281.2% in the 1st quarter. Inspire Investing LLC now owns 23,903 shares of the transportation company’s stock valued at $2,351,000 after acquiring an additional 17,633 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of ArcBest by 17.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,367 shares of the transportation company’s stock valued at $430,000 after acquiring an additional 648 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of ArcBest during the 1st quarter worth about $974,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

ArcBest Stock Down 2.5%

ArcBest stock opened at $147.13 on Friday. The company has a market capitalization of $3.28 billion, a P/E ratio of 60.55, a PEG ratio of 0.66 and a beta of 1.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The stock has a 50-day simple moving average of $139.47 and a 200-day simple moving average of $111.95.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The firm had revenue of $998.79 million for the quarter, compared to the consensus estimate of $999.07 million. During the same quarter last year, the business posted $0.51 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts expect that ArcBest Corporation will post 6.11 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 8th. ArcBest’s payout ratio is presently 19.75%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ARCB. JPMorgan Chase & Co. boosted their target price on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. Weiss Ratings cut shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. Truist Financial raised their price objective on shares of ArcBest from $95.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Zacks Research upgraded shares of ArcBest from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $147.83.

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.