ArcBest Co. (NASDAQ:ARCB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in ArcBest Co. (NASDAQ:ARCB - Free Report) by 22.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 150,712 shares of the transportation company's stock after selling 44,558 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.64% of ArcBest worth $18,117,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ARCB. Cambridge Investment Research Advisors Inc. boosted its position in ArcBest by 13.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,737 shares of the transportation company's stock valued at $220,000 after buying an additional 314 shares during the period. Citigroup Inc. lifted its position in shares of ArcBest by 4.5% during the 1st quarter. Citigroup Inc. now owns 24,501 shares of the transportation company's stock worth $1,972,000 after purchasing an additional 1,061 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of ArcBest by 55.3% during the 1st quarter. MetLife Investment Management LLC now owns 13,678 shares of the transportation company's stock worth $1,101,000 after purchasing an additional 4,871 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of ArcBest by 10.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,438 shares of the transportation company's stock worth $1,726,000 after purchasing an additional 2,114 shares during the last quarter. Finally, APG Asset Management N.V. purchased a new stake in shares of ArcBest during the 1st quarter worth $1,461,000. Hedge funds and other institutional investors own 99.27% of the company's stock.

Insider Buying and Selling

In related news, insider Erin K. Gattis sold 2,000 shares of the business's stock in a transaction dated 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 owns 32,247 shares of the company's stock, valued at $4,565,530.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of ArcBest from $133.00 to $149.00 and gave the stock a "neutral" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft started coverage on shares of ArcBest in a research report on Monday, January 29th. They issued a "buy" rating and a $148.00 price target for the company. UBS Group boosted their price target on shares of ArcBest from $119.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, February 16th. TD Cowen boosted their price target on shares of ArcBest from $141.00 to $178.00 and gave the company an "outperform" rating in a research report on Wednesday, February 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ArcBest from $168.00 to $164.00 and set an "overweight" rating for the company in a research report on Tuesday, April 9th. One investment 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $151.54.

ArcBest Stock Performance

NASDAQ ARCB traded up $0.76 during trading on Monday, reaching $149.95. The company's stock had a trading volume of 353,145 shares, compared to its average volume of 301,705. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 0.63 and a beta of 1.49. ArcBest Co. has a twelve month low of $82.18 and a twelve month high of $153.60. The business's fifty day moving average price is $140.45 and its 200-day moving average price is $122.93.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.22 by $0.25. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the business posted $2.45 earnings per share. The business's revenue was down 6.4% compared to the same quarter last year. As a group, analysts anticipate that ArcBest Co. will post 10.08 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.32%. ArcBest's dividend payout ratio (DPR) is 6.07%.

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.