Texas Permanent School Fund lessened its stake in shares of ArcBest Corp (NASDAQ:ARCB) by 7.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,330 shares of the transportation company’s stock after selling 1,437 shares during the period. Texas Permanent School Fund owned 0.07% of ArcBest worth $620,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in ArcBest by 49.2% during the 2nd quarter. Wells Fargo & Company MN now owns 27,501 shares of the transportation company’s stock valued at $566,000 after purchasing an additional 9,068 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of ArcBest by 30.5% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,660 shares of the transportation company’s stock worth $3,598,000 after acquiring an additional 40,848 shares in the last quarter. Thrivent Financial For Lutherans grew its stake in shares of ArcBest by 6.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 14,480 shares of the transportation company’s stock worth $298,000 after acquiring an additional 870 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of ArcBest by 1.6% in the 2nd quarter. New York State Common Retirement Fund now owns 58,088 shares of the transportation company’s stock worth $1,197,000 after acquiring an additional 897 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of ArcBest by 5.5% in the 2nd quarter. Northern Trust Corp now owns 494,643 shares of the transportation company’s stock worth $10,190,000 after acquiring an additional 25,933 shares in the last quarter. Institutional investors own 88.73% of the company’s stock.
Several equities analysts recently weighed in on ARCB shares. BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, December 2nd. ValuEngine raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday. Zacks Investment Research raised shares of ArcBest from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, January 16th. Morgan Stanley reissued an “equal weight” rating and issued a $32.00 price target (up from $23.00) on shares of ArcBest in a report on Wednesday, February 21st. Finally, Cowen reaffirmed a “market perform” rating and issued a $39.00 target price (up from $33.00) on shares of ArcBest in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $35.88.
ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Wednesday, January 31st. The transportation company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.07. The firm had revenue of $710.72 million during the quarter, compared to analyst estimates of $723.69 million. ArcBest had a return on equity of 5.82% and a net margin of 2.11%. ArcBest’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.28 EPS. equities research analysts forecast that ArcBest Corp will post 2.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Friday, February 9th were paid a dividend of $0.08 per share. The ex-dividend date was Thursday, February 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.92%. ArcBest’s dividend payout ratio is currently 14.29%.
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ArcBest Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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