Public Sector Pension Investment Board Boosts Stake in ArcBest Corporation $ARCB

Key Points

• The Public Sector Pension Investment Board increased its holdings in ArcBest Corporation by 26.8%, owning approximately 0.32% of the company worth $5.2 million after acquiring an additional 15,585 shares.
• ArcBest reported earnings per share of $1.36 for the latest quarter, which missed the consensus estimate of $1.48, and experienced a 5.1% decline in revenue compared to the previous year.
• A quarterly dividend of $0.12 per share was announced, with an ex-dividend date of August 8, indicating a dividend yield of 0.7% for the company.

Public Sector Pension Investment Board lifted its position in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 26.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,845 shares of the transportation company's stock after acquiring an additional 15,585 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of ArcBest worth $5,212,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Crossmark Global Holdings Inc. boosted its stake in shares of ArcBest by 7.1% during the 1st quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company's stock worth $304,000 after acquiring an additional 285 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of ArcBest during the 1st quarter worth approximately $381,000. Elevation Point Wealth Partners LLC lifted its stake in ArcBest by 33.3% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock valued at $215,000 after buying an additional 762 shares in the last quarter. GAMMA Investing LLC grew its holdings in ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock valued at $101,000 after buying an additional 932 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in ArcBest by 73.3% during the 1st quarter. Teacher Retirement System of Texas now owns 5,529 shares of the transportation company's stock valued at $390,000 after buying an additional 2,339 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ARCB shares. UBS Group lowered their target price on ArcBest from $84.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Truist Financial reduced their target price 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. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $63.00 to $74.00 in a research note on Tuesday, June 10th. Finally, TD Cowen cut their price objective on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ArcBest presently has an average rating of "Hold" and a consensus price target of $90.00.

ArcBest Trading Up 6.9%

Shares of ArcBest stock traded up $4.9650 during trading hours on Friday, reaching $77.0350. 73,954 shares of the company's stock were exchanged, compared to its average volume of 372,382. ArcBest Corporation has a 52-week low of $55.19 and a 52-week high of $123.25. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 0.82 and a beta of 1.69. The company has a fifty day moving average of $76.18 and a 200-day moving average of $72.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion for 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 was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.98 earnings per share. Sell-side analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, August 8th. ArcBest's dividend payout ratio is presently 7.14%.

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.