Louisiana State Employees Retirement System Lowers Stock Position in ArcBest Co. (NASDAQ:ARCB)

Posted by on Jul 8th, 2023

Louisiana State Employees Retirement System lessened its holdings in ArcBest Co. (NASDAQ:ARCB – Free Report) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,300 shares of the transportation company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in ArcBest were worth $1,044,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ARCB. Cambridge Investment Research Advisors Inc. boosted its holdings in ArcBest by 13.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,737 shares of the transportation company’s stock valued at $220,000 after purchasing an additional 314 shares in the last quarter. Citigroup Inc. boosted its holdings in ArcBest by 4.5% in the 1st quarter. Citigroup Inc. now owns 24,501 shares of the transportation company’s stock valued at $1,972,000 after purchasing an additional 1,061 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in ArcBest by 55.3% in the 1st quarter. MetLife Investment Management LLC now owns 13,678 shares of the transportation company’s stock valued at $1,101,000 after purchasing an additional 4,871 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in ArcBest by 10.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,438 shares of the transportation company’s stock valued at $1,726,000 after purchasing an additional 2,114 shares in the last quarter. Finally, APG Asset Management N.V. purchased a new stake in shares of ArcBest during the 1st quarter worth approximately $1,461,000. Hedge funds and other institutional investors own 89.89% of the company’s stock.

ArcBest Price Performance

ARCB stock opened at $98.55 on Friday. The stock’s 50 day moving average price is $88.83 and its 200 day moving average price is $88.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market cap of $2.36 billion, a P/E ratio of 8.34 and a beta of 1.55. ArcBest Co. has a 1 year low of $68.00 and a 1 year high of $104.87.

ArcBest (NASDAQ:ARCB – Free Report) last issued its quarterly earnings results on Friday, April 28th. The transportation company reported $1.58 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.55). The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.16 billion. ArcBest had a net margin of 5.89% and a return on equity of 27.05%. The company’s revenue was down 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.08 earnings per share. On average, sell-side analysts expect that ArcBest Co. will post 8.03 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 24th. Shareholders of record on Wednesday, May 10th were issued a $0.12 dividend. The ex-dividend date was Tuesday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.49%. ArcBest’s dividend payout ratio (DPR) is presently 4.06%.

Wall Street Analysts Forecast Growth

ARCB has been the topic of several research analyst reports. Citigroup boosted their price target on ArcBest from $110.00 to $118.00 in a research note on Thursday, June 29th. StockNews.com initiated coverage on ArcBest in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Bank of America lowered ArcBest from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $101.00 to $91.00 in a research note on Monday, May 1st. Morgan Stanley decreased their price target on ArcBest from $136.00 to $125.00 in a research note on Thursday. Finally, Stifel Nicolaus decreased their price target on ArcBest from $114.00 to $113.00 in a research note on Monday, May 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.56.

ArcBest Company Profile

(Free Report)

ArcBest Corporation provides freight transportation and integrated logistics services. 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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