Allspring Global Investments Holdings LLC Trims Stake in ArcBest Corporation $ARCB

Key Points

• Allspring Global Investments cut its ArcBest stake by 24.1% in the first quarter, selling 21,060 shares and leaving it with 66,196 shares valued at about $6.6 million.
• Other institutions remain heavily invested in ArcBest, with institutional ownership at 99.27% of the company’s stock.
• Analysts are broadly constructive on ArcBest: the stock has a Moderate Buy consensus rating and an average price target of $155.08, while the shares recently traded at $156.99 after reporting quarterly EPS of $0.32, above estimates.

Allspring Global Investments Holdings LLC reduced its holdings in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 24.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,196 shares of the transportation company's stock after selling 21,060 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.30% of ArcBest worth $6,597,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of ArcBest by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company's stock valued at $181,852,000 after buying an additional 6,808 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ArcBest by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,349,439 shares of the transportation company's stock valued at $100,117,000 after buying an additional 7,816 shares during the last quarter. Invesco Ltd. raised its stake in shares of ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company's stock valued at $68,292,000 after acquiring an additional 793,607 shares during the last quarter. Turtle Creek Asset Management Inc. bought a new position in ArcBest during the 3rd quarter valued at approximately $39,508,000. Finally, Jacobs Levy Equity Management Inc. lifted its stake in ArcBest by 4.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company's stock worth $36,394,000 after acquiring an additional 24,102 shares during the period. Institutional investors own 99.27% of the company's stock.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on shares of ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a report on Friday, June 5th. The Goldman Sachs Group upped their price target on shares of ArcBest from $117.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. TD Cowen increased their target price on ArcBest from $137.00 to $175.00 and gave the company a "hold" rating in a research note on Tuesday, June 9th. Weiss Ratings lowered shares of ArcBest from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 28th. Finally, Wall Street Zen raised ArcBest from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.08.

ArcBest Price Performance

NASDAQ:ARCB opened at $156.99 on Friday. The business's 50-day simple moving average is $146.06 and its two-hundred day simple moving average is $117.23. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The stock has a market cap of $3.50 billion, a PE ratio of 64.61, a P/E/G ratio of 0.56 and a beta of 1.57.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.The business had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. During the same period in the prior year, the company posted $0.51 EPS. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts forecast that ArcBest Corporation will post 6.62 EPS for the current fiscal year.

About ArcBest

ArcBest Corporation NASDAQ: ARCB is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company's asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.

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