New York State Teachers Retirement System Has $4.11 Million Position in ArcBest Co. (NASDAQ:ARCB)

New York State Teachers Retirement System lowered its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 6.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,866 shares of the transportation company’s stock after selling 2,400 shares during the quarter. New York State Teachers Retirement System owned about 0.16% of ArcBest worth $4,107,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ARCB. Westwood Holdings Group Inc. grew 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 worth $62,509,000 after buying an additional 150,467 shares in the last quarter. Marshall Wace LLP grew its position 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 buying an additional 117,774 shares in the last quarter. Emerald Advisers LLC acquired a new stake in ArcBest during the second quarter worth approximately $6,812,000. Mutual of America Capital Management LLC grew 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 worth $6,789,000 after buying an additional 59,322 shares in the last quarter. Finally, Zimmer Partners LP acquired a new stake in ArcBest during the first quarter worth approximately $7,838,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Insider Buying and Selling

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the stock in a transaction dated Monday, August 12th. The stock was purchased 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 in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by corporate insiders.

ArcBest Stock Up 16.1 %

Shares of NASDAQ:ARCB opened at $120.81 on Thursday. The firm has a market cap of $2.86 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.31 and a beta of 1.47. The company has a quick ratio of 1.19, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest Co. has a 12-month low of $94.76 and a 12-month high of $153.60. The business has a fifty day simple moving average of $104.79 and a 200 day simple moving average of $109.53.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.20). The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.31 earnings per share. Analysts predict that ArcBest Co. will post 6.89 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, November 13th. ArcBest’s dividend payout ratio is currently 5.93%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ARCB. Wells Fargo & Company reduced their target price on ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Monday. Bank of America reduced their target price on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. reduced their target price on ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a report on Monday. Morgan Stanley reduced their target price on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a report on Monday. Finally, StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. 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. According to MarketBeat.com, ArcBest currently has an average rating of “Hold” and a consensus target price of $123.17.

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.