State of Alaska Department of Revenue Lowers Position in ArcBest Co. (NASDAQ:ARCB)

State of Alaska Department of Revenue decreased its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 1.9% during the third quarter, HoldingsChannel reports. The firm owned 13,494 shares of the transportation company’s stock after selling 265 shares during the period. State of Alaska Department of Revenue’s holdings in ArcBest were worth $1,463,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Quarry LP increased its holdings in ArcBest by 120.7% during the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after buying an additional 134 shares during the period. Innealta Capital LLC purchased a new position in shares of ArcBest in the 2nd quarter valued at $33,000. Quest Partners LLC bought a new position in shares of ArcBest in the 2nd quarter worth $36,000. Cultivar Capital Inc. purchased a new stake in shares of ArcBest during the 2nd quarter worth $43,000. Finally, Mather Group LLC. bought a new stake in ArcBest during the second quarter valued at about $46,000. Institutional investors own 99.27% of the company’s stock.

ArcBest Stock Down 4.0 %

NASDAQ:ARCB opened at $100.02 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. The company’s fifty day moving average price is $104.68 and its 200-day moving average price is $109.94. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60. The firm has a market capitalization of $2.37 billion, a P/E ratio of 18.91, a PEG ratio of 1.36 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the business posted $2.31 EPS. The business’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, equities research analysts anticipate that ArcBest Co. will post 6.89 EPS for the current year.

ArcBest Dividend Announcement

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

Insider Transactions at ArcBest

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were purchased 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 of the company’s stock, valued at approximately $379,344.50. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.65% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on ARCB shares. Citigroup began coverage on shares of ArcBest in a research report on Wednesday, October 9th. They set a “neutral” rating and a $111.00 price target for the company. Stephens restated an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Wells Fargo & Company cut ArcBest from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $122.00 to $112.00 in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group decreased their price target on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and a consensus price target of $126.92.

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.