New York State Teachers Retirement System reduced its holdings in ArcBest Co. (NASDAQ:ARCB – Free Report) by 5.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,854 shares of the transportation company’s stock after selling 3,086 shares during the period. New York State Teachers Retirement System owned approximately 0.20% of ArcBest worth $4,515,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of ARCB. Cambridge Investment Research Advisors Inc. lifted its holdings in ArcBest by 13.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,737 shares of the transportation company’s stock valued at $220,000 after buying an additional 314 shares during the period. Citigroup Inc. raised its holdings in ArcBest by 4.5% in the first quarter. Citigroup Inc. now owns 24,501 shares of the transportation company’s stock worth $1,972,000 after purchasing an additional 1,061 shares during the period. MetLife Investment Management LLC raised its holdings in ArcBest by 55.3% in the first quarter. MetLife Investment Management LLC now owns 13,678 shares of the transportation company’s stock worth $1,101,000 after purchasing an additional 4,871 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in ArcBest by 10.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,438 shares of the transportation company’s stock worth $1,726,000 after purchasing an additional 2,114 shares during the period. Finally, APG Asset Management N.V. acquired a new stake in ArcBest in the first quarter worth $1,461,000. 89.89% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on ARCB shares. 22nd Century Group reiterated a “maintains” rating on shares of ArcBest in a report on Friday, June 30th. Citigroup increased their target price on shares of ArcBest from $110.00 to $118.00 and gave the stock a “buy” rating in a report on Thursday, June 29th. Jefferies Financial Group started coverage on shares of ArcBest in a report on Monday, June 12th. They issued a “buy” rating and a $110.00 target price on the stock. Bank of America lowered shares of ArcBest from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $101.00 to $91.00 in a report on Monday, May 1st. Finally, Stifel Nicolaus cut their target price on shares of ArcBest from $114.00 to $113.00 in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.56.
ArcBest Stock Down 2.4 %
ArcBest (NASDAQ:ARCB – Get Free Report) last released its earnings results on Friday, April 28th. The transportation company reported $1.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.55). The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.16 billion. ArcBest had a net margin of 5.89% and a return on equity of 27.05%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period last year, the business posted $3.08 EPS. As a group, equities research analysts predict that ArcBest Co. will post 7.82 earnings per share for the current fiscal year.
ArcBest Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 24th. Investors of record on Wednesday, May 10th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, May 9th. ArcBest’s dividend payout ratio (DPR) is currently 4.06%.
ArcBest Profile
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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