Public Sector Pension Investment Board Acquires 3,098 Shares of ArcBest Co. (NASDAQ:ARCB)

Public Sector Pension Investment Board grew its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 6.4% in the second quarter, HoldingsChannel.com reports. The fund owned 51,604 shares of the transportation company’s stock after purchasing an additional 3,098 shares during the period. Public Sector Pension Investment Board’s holdings in ArcBest were worth $5,526,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Westwood Holdings Group Inc. lifted its position in ArcBest by 34.7% during the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after purchasing an additional 150,467 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of ArcBest during the 2nd quarter worth $599,000. Inspire Investing LLC grew its position in ArcBest by 5.3% in the second quarter. Inspire Investing LLC now owns 15,792 shares of the transportation company’s stock worth $1,691,000 after acquiring an additional 790 shares in the last quarter. XTX Topco Ltd increased its stake in ArcBest by 42.5% in the second quarter. XTX Topco Ltd now owns 3,724 shares of the transportation company’s stock valued at $399,000 after acquiring an additional 1,110 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its position in ArcBest by 1,455.0% during the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock valued at $6,789,000 after purchasing an additional 59,322 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Trading Down 1.4 %

NASDAQ:ARCB opened at $111.47 on Thursday. The firm has a market capitalization of $2.64 billion, a P/E ratio of 22.43, a PEG ratio of 1.37 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. ArcBest Co. has a one year low of $86.93 and a one year high of $153.60. The company’s 50-day simple moving average is $109.30 and its 200 day simple moving average is $117.03.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. ArcBest’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.54 earnings per share. As a group, analysts forecast that ArcBest Co. will post 7.21 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.43%. ArcBest’s payout ratio is presently 9.66%.

Insider Transactions at ArcBest

In other news, Director Salvatore A. Abbate acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.65% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. StockNews.com downgraded ArcBest from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. Morgan Stanley lowered their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Finally, Stifel Nicolaus cut their target price on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, ArcBest presently has an average rating of “Hold” and a consensus price target of $133.18.

ArcBest 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.