Public Sector Pension Investment Board Purchases 15,585 Shares of 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 grew its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 26.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,845 shares of the transportation company's stock after purchasing an additional 15,585 shares during the quarter. Public Sector Pension Investment Board owned about 0.32% of ArcBest worth $5,212,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC increased its position in shares of ArcBest by 477.6% during the 1st quarter. Signaturefd LLC now owns 387 shares of the transportation company's stock worth $27,000 after purchasing an additional 320 shares during the last quarter. CWM LLC increased its holdings in shares of ArcBest by 338.8% during the 1st quarter. CWM LLC now owns 452 shares of the transportation company's stock worth $32,000 after acquiring an additional 349 shares during the last quarter. Curat Global LLC acquired a new position in shares of ArcBest during the 1st quarter worth approximately $82,000. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 932 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of ArcBest during the 1st quarter worth approximately $143,000. Institutional investors and hedge funds own 99.27% of the company's stock.

Analyst Ratings Changes

ARCB has been the topic of a number of research reports. TD Cowen decreased their price objective on ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price objective on ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded ArcBest from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Stifel Nicolaus dropped their target price on ArcBest from $93.00 to $81.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Finally, Jefferies Financial Group restated a "buy" rating and set a $85.00 price objective (up from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $90.00.

ArcBest Trading Up 1.1%

NASDAQ ARCB traded up $0.8050 during trading hours on Thursday, hitting $71.6150. 121,343 shares of the company's stock were exchanged, compared to its average volume of 373,128. The stock has a 50-day simple moving average of $76.14 and a 200 day simple moving average of $72.99. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 0.84 and a beta of 1.69. 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 released its earnings results on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business earned $1.98 EPS. The company's revenue for the quarter was down 5.1% on a year-over-year basis. On average, equities analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.7%. ArcBest's dividend payout ratio (DPR) is currently 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.