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

New York State Teachers Retirement System decreased its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 14.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,579 shares of the transportation company’s stock after selling 5,364 shares during the period. New York State Teachers Retirement System owned 0.14% of ArcBest worth $2,432,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Crossmark Global Holdings Inc. lifted its holdings in shares of ArcBest by 7.1% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company’s stock worth $304,000 after acquiring an additional 285 shares during the period. Janney Montgomery Scott LLC bought a new position in ArcBest during the first quarter worth about $381,000. GAMMA Investing LLC boosted its holdings in ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock valued at $101,000 after purchasing an additional 932 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of ArcBest by 23.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 41,971 shares of the transportation company’s stock valued at $3,232,000 after purchasing an additional 7,955 shares during the period. Finally, Strs Ohio acquired a new position in shares of ArcBest in the 1st quarter worth approximately $473,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ARCB has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Cowen restated a “hold” rating on shares of ArcBest in a research report on Wednesday, October 1st. Morgan Stanley dropped their price objective on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Zacks Research raised ArcBest to a “strong sell” rating in a report on Monday, August 11th. Finally, Wells Fargo & Company dropped their price target on ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $90.00.

ArcBest Stock Performance

Shares of NASDAQ:ARCB opened at $77.09 on Wednesday. The stock has a market capitalization of $1.75 billion, a P/E ratio of 11.47, a P/E/G ratio of 1.40 and a beta of 1.66. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25. The business has a 50-day moving average price of $72.34 and a two-hundred day moving average price of $70.48.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.12). The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 EPS. Equities analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest’s payout ratio is presently 7.14%.

ArcBest 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.