abrdn plc Lowers Holdings in ArcBest Co. (NASDAQ:ARCB)

abrdn plc cut its position in ArcBest Co. (NASDAQ:ARCB - Free Report) by 23.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 182,965 shares of the transportation company's stock after selling 55,072 shares during the period. abrdn plc owned 0.77% of ArcBest worth $21,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Northern Trust Corp increased its position in shares of ArcBest by 9.4% in the 3rd quarter. Northern Trust Corp now owns 458,090 shares of the transportation company's stock valued at $46,565,000 after purchasing an additional 39,215 shares during the last quarter. American Century Companies Inc. grew its position in shares of ArcBest by 10.5% in the 3rd quarter. American Century Companies Inc. now owns 378,206 shares of the transportation company's stock valued at $38,445,000 after buying an additional 35,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of ArcBest by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 364,314 shares of the transportation company's stock valued at $37,033,000 after buying an additional 7,094 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of ArcBest in the 3rd quarter valued at $29,108,000. Finally, Bank of New York Mellon Corp grew its position in shares of ArcBest by 0.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 281,693 shares of the transportation company's stock valued at $28,634,000 after buying an additional 1,934 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of ArcBest 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 transaction, the insider now directly owns 32,247 shares of the company's stock, valued at $4,565,530.26. The sale was disclosed in a filing with the SEC, which is available at this link. 1.18% of the stock is owned by insiders.

ArcBest Price Performance

Shares of NASDAQ ARCB traded down $8.95 during midday trading on Wednesday, hitting $137.00. The company had a trading volume of 487,287 shares, compared to its average volume of 304,849. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13. ArcBest Co. has a twelve month low of $82.18 and a twelve month high of $153.60. The business has a 50-day simple moving average of $140.51 and a two-hundred day simple moving average of $124.72. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 0.60 and a beta of 1.49.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.22 by $0.25. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the firm posted $2.45 EPS. The firm's revenue for the quarter was down 6.4% on a year-over-year basis. Equities research analysts anticipate that ArcBest Co. will post 10.05 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.35%. ArcBest's dividend payout ratio (DPR) is presently 6.07%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ARCB shares. Morgan Stanley increased their target price on shares of 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 raised 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, April 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of ArcBest in a research report on Monday, January 29th. They set a "buy" rating and a $148.00 price objective on the stock. Stephens raised their price objective on shares of ArcBest from $165.00 to $205.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 7th. Finally, Bank of America raised their price objective on shares of ArcBest from $141.00 to $143.00 and gave the stock an "underperform" rating in a research report on Monday, April 15th. 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 $151.54.

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.