California State Teachers Retirement System Sells 711 Shares of ArcBest Corporation $ARCB

Key Points

• California State Teachers Retirement System reduced its ArcBest stake by 711 shares, or 2.6%, to 26,215 shares valued at approximately $3.76 million. Institutional investors collectively own 99.27% of the company.
• ArcBest reported quarterly earnings of $2.38 per share, beating estimates of $2.26, while revenue rose 15.9% year over year to $1.18 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $154.23, although insiders sold nearly 12,000 shares worth about $1.68 million over the past quarter.

California State Teachers Retirement System cut its position in ArcBest Corporation (NASDAQ:ARCB - Free Report) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,215 shares of the transportation company's stock after selling 711 shares during the quarter. California State Teachers Retirement System owned 0.12% of ArcBest worth $3,762,901 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Glenmede Trust Co. NA lifted its stake in shares of ArcBest by 1.5% in the 1st quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company's stock valued at $606,000 after purchasing an additional 93 shares during the period. PNC Financial Services Group Inc. increased its position in shares of ArcBest by 8.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after buying an additional 134 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of ArcBest by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company's stock valued at $329,000 after buying an additional 135 shares during the period. Stephens Inc. AR increased its stake in shares of ArcBest by 2.2% during the fourth quarter. Stephens Inc. AR now owns 6,909 shares of the transportation company's stock worth $535,000 after buying an additional 150 shares during the period. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest during the 2nd quarter worth $74,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

ArcBest Price Performance

ArcBest stock traded up $0.06 during mid-day trading on Tuesday, hitting $135.75. 114,503 shares of the company were exchanged, compared to its average volume of 354,696. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.03 billion, a PE ratio of 196.73, a price-to-earnings-growth ratio of 0.41 and a beta of 1.55. The business has a fifty day moving average of $143.17 and a 200 day moving average of $128.68. ArcBest Corporation has a 1-year low of $59.43 and a 1-year high of $176.69.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $2.26 by $0.12. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.ArcBest's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 earnings per share. As a group, sell-side analysts expect that ArcBest Corporation will post 6.95 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were given a $0.12 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.48 annualized dividend and a yield of 0.4%. ArcBest's dividend payout ratio is 69.57%.

Insider Transactions at ArcBest

In other news, Director Judy McReynolds sold 2,857 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the sale, the director owned 50,048 shares of the company's stock, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erin Gattis sold 6,163 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider owned 24,286 shares of the company's stock, valued at approximately $3,400,040. The trade was a 20.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 11,963 shares of company stock valued at $1,678,066. Insiders own 0.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ARCB. Wells Fargo & Company upped their price objective on ArcBest from $130.00 to $150.00 and gave the company an "equal weight" rating in a report on Friday, June 5th. Stephens raised ArcBest to a "strong-buy" rating in a research note on Wednesday, July 8th. Morgan Stanley increased their price objective on ArcBest from $150.00 to $180.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Citizens Jmp began coverage on ArcBest in a report on Wednesday, July 15th. They set a "market outperform" rating and a $180.00 price objective on the stock. Finally, TD Cowen decreased their price target on ArcBest from $175.00 to $155.00 and set a "hold" rating on the stock in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, ArcBest has a consensus rating of "Moderate Buy" and an average price target of $154.23.

ArcBest Profile

ArcBest Corporation NASDAQ: ARCB is a North American logistics company headquartered in Fort Smith, Arkansas. Through its subsidiaries and service offerings, the company provides freight transportation, supply chain management and logistics solutions for businesses of various sizes.

Its asset-based operations are primarily conducted through ABF Freight, a less-than-truckload carrier that transports palletized and other freight across the United States, Canada and Mexico. ABF Freight offers regional, interregional and long-haul services, as well as time-critical, expedited, guaranteed and specialized transportation solutions.

ArcBest also provides asset-light logistics services, including truckload, expedited, final-mile, intermodal, international and managed transportation solutions.

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