Public Employees Retirement System of Ohio Reduces Stake in ArcBest Corp (ARCB)

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Public Employees Retirement System of Ohio trimmed its position in ArcBest Corp (NASDAQ:ARCB) by 12.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 27,131 shares of the transportation company’s stock after selling 3,792 shares during the period. Public Employees Retirement System of Ohio owned 0.11% of ArcBest worth $1,240,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Wells Fargo & Company MN increased its holdings in ArcBest by 214.1% in the first quarter. Wells Fargo & Company MN now owns 144,495 shares of the transportation company’s stock valued at $4,631,000 after purchasing an additional 98,496 shares during the period. Swiss National Bank increased its holdings in ArcBest by 5.7% in the first quarter. Swiss National Bank now owns 42,500 shares of the transportation company’s stock valued at $1,362,000 after purchasing an additional 2,300 shares during the period. BlackRock Inc. increased its holdings in ArcBest by 0.8% in the first quarter. BlackRock Inc. now owns 3,349,299 shares of the transportation company’s stock valued at $107,345,000 after purchasing an additional 28,148 shares during the period. New York State Common Retirement Fund increased its holdings in ArcBest by 3.0% in the first quarter. New York State Common Retirement Fund now owns 50,621 shares of the transportation company’s stock valued at $1,622,000 after purchasing an additional 1,480 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in ArcBest by 187.4% in the first quarter. Russell Investments Group Ltd. now owns 241,292 shares of the transportation company’s stock valued at $7,731,000 after purchasing an additional 157,344 shares during the period. Institutional investors own 94.63% of the company’s stock.

NASDAQ ARCB opened at $39.73 on Friday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 29.87, a P/E/G ratio of 0.37 and a beta of 2.10. ArcBest Corp has a twelve month low of $29.40 and a twelve month high of $51.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, July 31st. The transportation company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.13. ArcBest had a return on equity of 9.88% and a net margin of 2.12%. The firm had revenue of $793.35 million during the quarter, compared to the consensus estimate of $786.86 million. On average, sell-side analysts anticipate that ArcBest Corp will post 3.24 EPS for the current fiscal year.

A number of analysts recently weighed in on ARCB shares. Wolfe Research downgraded ArcBest from a “peer perform” rating to an “underperform” rating in a report on Friday, October 5th. BidaskClub upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, September 27th. Stifel Nicolaus restated a “hold” rating and issued a $46.00 price objective on shares of ArcBest in a report on Friday, August 3rd. Cowen increased their price objective on ArcBest from $41.00 to $46.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. Finally, Bank of America increased their price objective on ArcBest from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. ArcBest presently has an average rating of “Hold” and an average target price of $45.44.

ArcBest Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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