ArcBest Co. (NASDAQ:ARCB) Stock Position Increased by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its position in shares of ArcBest Co. (NASDAQ:ARCB) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,748 shares of the transportation company’s stock after buying an additional 620 shares during the quarter. New York State Common Retirement Fund owned 0.47% of ArcBest worth $13,313,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ARCB. SG Americas Securities LLC bought a new position in shares of ArcBest during the 3rd quarter valued at about $141,000. Bank of New York Mellon Corp boosted its holdings in ArcBest by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company’s stock worth $28,634,000 after buying an additional 1,934 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ArcBest by 14.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,941 shares of the transportation company’s stock worth $502,000 after buying an additional 631 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of ArcBest by 4.2% in the third quarter. Mackenzie Financial Corp now owns 6,114 shares of the transportation company’s stock valued at $601,000 after buying an additional 244 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of ArcBest by 1.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,752 shares of the transportation company’s stock valued at $1,093,000 after acquiring an additional 161 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Trading Up 1.2 %

NASDAQ ARCB opened at $129.45 on Tuesday. The company has a market capitalization of $3.04 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 0.55 and a beta of 1.49. ArcBest Co. has a 1-year low of $82.18 and a 1-year high of $153.60. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $139.77 and its 200-day simple moving average is $125.62.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.25. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The business’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.45 EPS. As a group, sell-side analysts anticipate that ArcBest Co. will post 10.05 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Thursday, February 15th. ArcBest’s dividend payout ratio is 6.07%.

Insider Transactions at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of ArcBest stock in a transaction on Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the completion of the sale, the insider now owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Morgan Stanley boosted their target price on ArcBest from $155.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group upped their price objective on shares of ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Bank of America lifted their target price on shares of ArcBest from $141.00 to $143.00 and gave the stock an “underperform” rating in a research report on Monday, April 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of ArcBest in a research report on Monday, January 29th. They issued a “buy” rating and a $148.00 price target for the company. Finally, TD Cowen lifted their price objective on shares of ArcBest from $141.00 to $178.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, ArcBest has an average rating of “Moderate Buy” and an average price target of $151.54.

ArcBest Company 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.