New York State Teachers Retirement System Sells 6,788 Shares of ArcBest Co. (NASDAQ:ARCB)

New York State Teachers Retirement System trimmed its holdings in ArcBest Co. (NASDAQ:ARCB - Free Report) by 14.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,466 shares of the transportation company's stock after selling 6,788 shares during the period. New York State Teachers Retirement System owned about 0.17% of ArcBest worth $4,985,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allworth Financial LP increased its stake in shares of ArcBest by 15,450.0% during the third quarter. Allworth Financial LP now owns 311 shares of the transportation company's stock worth $32,000 after purchasing an additional 309 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of ArcBest during the 2nd quarter valued at $37,000. Tower Research Capital LLC TRC raised its position in ArcBest by 1,668.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 796 shares of the transportation company's stock worth $73,000 after purchasing an additional 751 shares during the last quarter. Ancora Advisors LLC bought a new position in shares of ArcBest in the 1st quarter worth about $56,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of ArcBest in the 2nd quarter worth about $58,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com upgraded ArcBest from a "hold" rating to a "buy" rating in a research note on Friday, January 26th. UBS Group raised their price target on ArcBest from $119.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, February 16th. Morgan Stanley raised their price target on ArcBest from $155.00 to $175.00 and gave the company an "overweight" rating in a research report on Wednesday, February 7th. The Goldman Sachs Group lifted their price objective on ArcBest from $133.00 to $149.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, TD Cowen lifted their price objective on ArcBest from $141.00 to $178.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $148.85.

ArcBest Stock Performance

Shares of NASDAQ:ARCB traded down $2.56 on Friday, hitting $149.19. 374,830 shares of the company were exchanged, compared to its average volume of 343,759. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.13. The stock's 50 day moving average price is $140.02 and its 200 day moving average price is $122.59. ArcBest Co. has a 1-year low of $82.18 and a 1-year high of $153.60. The firm has a market capitalization of $3.51 billion, a P/E ratio of 18.86, a price-to-earnings-growth ratio of 0.63 and a beta of 1.49.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.22 by $0.25. The company had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.09 billion. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The firm's revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.45 earnings per share. Sell-side analysts predict that ArcBest Co. will post 10.08 EPS for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were issued a $0.12 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.48 annualized dividend and a dividend yield of 0.32%. ArcBest's dividend payout ratio is currently 6.07%.

Insider Transactions at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the sale, the insider now directly owns 32,247 shares of the company's stock, valued at approximately $4,565,530.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.65% of the company's stock.

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.