Allspring Global Investments Holdings LLC Acquires 87,592 Shares of ArcBest Corporation $ARCB

Key Points

• Allspring Global Investments Holdings LLC increased its holdings in ArcBest Corporation by 241.2%, acquiring an additional 87,592 shares, bringing its total ownership to 123,904 shares worth approximately $10.15 million.
• ArcBest's recent quarterly earnings showed an EPS of $1.36, falling short of the consensus estimate of $1.48, with revenues of $1.02 billion, down 5.1% year-over-year.
• The company announced a quarterly dividend of $0.12, resulting in an annualized dividend yield of 0.7%, and has a current consensus rating of "Hold" from analysts.

Allspring Global Investments Holdings LLC boosted its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 241.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,904 shares of the transportation company's stock after acquiring an additional 87,592 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.54% of ArcBest worth $10,149,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its position in ArcBest by 3.6% in the 1st quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company's stock valued at $188,056,000 after acquiring an additional 92,514 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock valued at $61,353,000 after acquiring an additional 233,409 shares in the last quarter. American Century Companies Inc. lifted its position in ArcBest by 11.5% in the 1st quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company's stock valued at $48,693,000 after acquiring an additional 70,976 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in ArcBest by 2.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company's stock valued at $30,838,000 after acquiring an additional 10,766 shares in the last quarter. Finally, Northern Trust Corp lifted its position in ArcBest by 0.4% in the 1st quarter. Northern Trust Corp now owns 401,549 shares of the transportation company's stock valued at $28,341,000 after acquiring an additional 1,544 shares in the last quarter. 99.27% of the stock is owned by institutional investors.

ArcBest Trading Down 0.6%

NASDAQ:ARCB opened at $73.42 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 10.93, a price-to-earnings-growth ratio of 1.36 and a beta of 1.66. ArcBest Corporation has a one year low of $55.19 and a one year high of $123.25. The business has a fifty day moving average price of $72.11 and a 200-day moving average price of $70.31.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The company's revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $1.98 earnings per share. Sell-side analysts forecast that ArcBest Corporation will post 7 EPS for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Friday, August 8th. ArcBest's dividend payout ratio is 7.14%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ARCB. Zacks Research raised ArcBest to a "strong sell" rating in a research report on Monday, August 11th. Stifel Nicolaus decreased their target price on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company decreased their target price on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Citigroup upgraded shares of ArcBest from a "neutral" rating to a "buy" rating and boosted their target price for the company from $79.00 to $89.00 in a research note on Wednesday, October 8th. Finally, UBS Group boosted their target price on shares of ArcBest from $73.00 to $80.00 and gave the company a "neutral" rating in a research note on Tuesday, September 30th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, ArcBest presently has a consensus rating of "Hold" and an average price target of $90.00.

About ArcBest

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.

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