Allspring Global Investments Holdings LLC Reduces Stock Holdings in ArcBest Corporation $ARCB

Allspring Global Investments Holdings LLC decreased its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 24.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,196 shares of the transportation company’s stock after selling 21,060 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ArcBest were worth $6,597,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. raised its stake in shares of ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock valued at $75,000 after acquiring an additional 567 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in ArcBest during the second quarter valued at about $85,000. Hantz Financial Services Inc. grew its position in shares of ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after buying an additional 934 shares during the last quarter. Assetmark Inc. grew its holdings in ArcBest by 5,940.0% in the fourth quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock worth $90,000 after purchasing an additional 1,188 shares during the last quarter. Finally, KBC Group NV grew its stake in ArcBest by 69.4% during the 4th quarter. KBC Group NV now owns 1,299 shares of the transportation company’s stock worth $96,000 after buying an additional 532 shares during the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ARCB has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their price target on shares of ArcBest from $117.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings cut ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. Wells Fargo & Company boosted their price target on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Finally, Bank of America boosted their price objective on ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $155.08.

ArcBest Trading Down 1.5%

Shares of ArcBest stock opened at $156.99 on Friday. The stock has a 50 day moving average of $146.06 and a 200 day moving average of $117.23. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 64.61, a PEG ratio of 0.56 and a beta of 1.57. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. ArcBest’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 EPS. As a group, research analysts predict that ArcBest Corporation will post 6.62 earnings per share for the current year.

ArcBest Profile

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.