New York State Common Retirement Fund Lowers Position in ArcBest Corporation (NASDAQ:ARCB)

New York State Common Retirement Fund lowered its holdings in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 72.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,350 shares of the transportation company's stock after selling 42,678 shares during the period. New York State Common Retirement Fund owned 0.07% of ArcBest worth $1,154,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ARCB. Curat Global LLC purchased a new position in ArcBest during the 1st quarter worth $82,000. GAMMA Investing LLC raised its position in ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock worth $101,000 after buying an additional 932 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of ArcBest in the 4th quarter valued at about $206,000. Lido Advisors LLC purchased a new position in shares of ArcBest in the 4th quarter valued at about $211,000. Finally, Aquatic Capital Management LLC increased its holdings in shares of ArcBest by 307.0% in the 4th quarter. Aquatic Capital Management LLC now owns 2,442 shares of the transportation company's stock valued at $228,000 after purchasing an additional 1,842 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of ArcBest from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Citigroup increased their price target on shares of ArcBest from $67.00 to $89.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Jefferies Financial Group reiterated 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. UBS Group raised their target price on shares of ArcBest from $64.00 to $84.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Truist Financial dropped their target price on shares of ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $94.00.

ArcBest Trading Down 0.9%

Shares of NASDAQ ARCB traded down $0.75 during midday trading on Monday, reaching $85.46. 385,854 shares of the stock were exchanged, compared to its average volume of 364,326. The company has a market capitalization of $1.96 billion, a P/E ratio of 11.30, a P/E/G ratio of 0.91 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 current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average price of $73.24 and a 200-day moving average price of $75.72.

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

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.56%. 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.