ArcBest Co. (NASDAQ:ARCB) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System reduced its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,400 shares of the transportation company’s stock after selling 400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in ArcBest were worth $1,236,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in ARCB. Allspring Global Investments Holdings LLC boosted its position in shares of ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after acquiring an additional 14,463 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of ArcBest by 3.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock valued at $550,000 after purchasing an additional 131 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of ArcBest by 2.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,397 shares of the transportation company’s stock valued at $3,619,000 after purchasing an additional 694 shares during the period. Capstone Investment Advisors LLC boosted its position in shares of ArcBest by 260.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 6,515 shares of the transportation company’s stock valued at $928,000 after purchasing an additional 4,707 shares during the period. Finally, GSA Capital Partners LLP boosted its position in shares of ArcBest by 135.1% in the 1st quarter. GSA Capital Partners LLP now owns 5,130 shares of the transportation company’s stock valued at $731,000 after purchasing an additional 2,948 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Salvatore A. Abbate bought 1,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares in the company, valued at approximately $379,344.50. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research report on Wednesday, September 4th. Morgan Stanley decreased their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. Wells Fargo & Company cut ArcBest from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Finally, TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the company from $131.00 to $114.00 in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $126.92.

ArcBest Stock Performance

Shares of ARCB stock opened at $100.02 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $104.90 and a 200-day simple moving average of $110.77. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.40 and a beta of 1.46. ArcBest Co. has a 12-month low of $94.76 and a 12-month high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 EPS. On average, equities analysts forecast that ArcBest Co. will post 6.89 EPS for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Wednesday, November 13th. ArcBest’s dividend payout ratio (DPR) is 9.07%.

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.