Allspring Global Investments Holdings LLC Reduces Holdings in ArcBest Corporation (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC cut its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,312 shares of the transportation company's stock after selling 4,348 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.16% of ArcBest worth $2,547,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Arizona State Retirement System increased its holdings in ArcBest by 1.6% in the fourth quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company's stock valued at $640,000 after purchasing an additional 108 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in ArcBest by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company's stock valued at $230,000 after acquiring an additional 157 shares in the last quarter. Franklin Resources Inc. lifted its position in ArcBest by 4.3% in the 4th quarter. Franklin Resources Inc. now owns 7,406 shares of the transportation company's stock valued at $691,000 after acquiring an additional 305 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in ArcBest by 7.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,557 shares of the transportation company's stock valued at $425,000 after acquiring an additional 315 shares during the last quarter. Finally, Bank of Montreal Can increased its position in ArcBest by 9.1% in the fourth quarter. Bank of Montreal Can now owns 4,568 shares of the transportation company's stock worth $426,000 after buying an additional 380 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Truist Financial decreased their price target on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Jefferies Financial Group reissued a "buy" rating and issued a $85.00 price target (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. JPMorgan Chase & Co. increased their price target on shares of ArcBest from $75.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Stifel Nicolaus decreased their price target on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $91.25.

ArcBest Trading Up 4.7%

ArcBest stock traded up $3.72 during trading hours on Tuesday, reaching $82.96. The stock had a trading volume of 554,541 shares, compared to its average volume of 320,629. The stock has a market cap of $1.90 billion, a PE ratio of 10.97, a PEG ratio of 0.88 and a beta of 1.71. ArcBest Corporation has a 52 week low of $55.19 and a 52 week high of $129.83. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The company has a fifty day simple moving average of $67.64 and a 200-day simple moving average of $76.98.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The firm had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. ArcBest's revenue was down 6.7% on a year-over-year basis. During the same period last year, the business earned $1.34 EPS. Analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest's dividend payout ratio (DPR) is presently 6.35%.

ArcBest Company Profile

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.