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

New York State Teachers Retirement System trimmed its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 17.5% in the first quarter, Holdings Channel reports. The fund owned 25,681 shares of the transportation company’s stock after selling 5,443 shares during the period. New York State Teachers Retirement System’s holdings in ArcBest were worth $2,526,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC raised its stake in shares of ArcBest by 300.3% during the first quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after purchasing an additional 20,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock valued at $989,000 after buying an additional 619 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ArcBest by 215.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock valued at $10,808,000 after buying an additional 104,643 shares during the last quarter. Jane Street Group LLC increased its stake in ArcBest by 278.2% in the 1st quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock valued at $3,218,000 after buying an additional 33,537 shares during the period. Finally, Intech Investment Management LLC increased its stake in ArcBest by 3.4% in the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after buying an additional 655 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Trading Down 2.5%

NASDAQ:ARCB opened at $147.13 on Friday. ArcBest Corporation has a 1 year low of $59.43 and a 1 year high of $176.69. 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 stock has a fifty day moving average price of $139.47 and a two-hundred day moving average price of $111.95. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 60.55, a PEG ratio of 0.66 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The company had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same period in the previous year, the firm earned $0.51 EPS. The business’s revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that ArcBest Corporation will post 6.11 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. ArcBest’s dividend payout ratio (DPR) is 19.75%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ARCB shares. Weiss Ratings cut shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. Citigroup dropped their price target on shares of ArcBest from $202.00 to $178.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. increased their price target on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. The Goldman Sachs Group raised their price objective on shares of ArcBest from $117.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, Bank of America lifted their price objective on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, June 5th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, ArcBest has a consensus rating of “Moderate Buy” and an average target price of $147.83.

ArcBest Company 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.