Allspring Global Investments Holdings LLC Decreases Stake in ArcBest Co. (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC lessened its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 18.9% during the 3rd quarter, Holdings Channel reports. The fund owned 37,520 shares of the transportation company’s stock after selling 8,768 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ArcBest were worth $4,069,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Westwood Holdings Group Inc. boosted its stake in shares of ArcBest by 34.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after buying an additional 150,467 shares during the period. American Century Companies Inc. grew its holdings in ArcBest by 4.0% during the second quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock worth $56,267,000 after acquiring an additional 20,115 shares during the period. Marshall Wace LLP grew its holdings in ArcBest by 158.7% during the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after acquiring an additional 117,774 shares during the period. The Manufacturers Life Insurance Company grew its holdings in ArcBest by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock valued at $16,141,000 after purchasing an additional 1,214 shares during the last quarter. Finally, FAS Wealth Partners Inc. lifted its position in shares of ArcBest by 86.3% in the second quarter. FAS Wealth Partners Inc. now owns 80,050 shares of the transportation company’s stock valued at $8,572,000 after acquiring an additional 37,073 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ARCB. Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research report on Wednesday, September 4th. The Goldman Sachs Group lowered their price objective on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Citigroup began coverage on ArcBest in a report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 price target on the stock. Stifel Nicolaus cut their target price on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and a consensus target price of $126.92.

ArcBest Stock Up 2.1 %

NASDAQ:ARCB opened at $105.94 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest Co. has a twelve month low of $94.76 and a twelve month high of $153.60. The stock’s 50 day moving average price is $105.10 and its two-hundred day moving average price is $111.48. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 21.38, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46.

ArcBest (NASDAQ:ARCB) last released its quarterly 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. Equities research analysts expect that ArcBest Co. will post 7.06 earnings per share for the current fiscal year.

Insider Transactions at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.65% of the stock is owned by insiders.

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.