ArcBest Co. (NASDAQ:ARCB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,028 shares of the transportation company’s stock after selling 7,112 shares during the quarter. New York State Common Retirement Fund owned about 0.25% of ArcBest worth $5,508,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ARCB. State Street Corp lifted its holdings in shares of ArcBest by 1.9% during the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of ArcBest by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company’s stock worth $59,856,000 after acquiring an additional 3,475 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of ArcBest by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after purchasing an additional 21,905 shares during the period. JPMorgan Chase & Co. lifted its position in ArcBest by 24.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock worth $24,022,000 after acquiring an additional 43,707 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ArcBest by 16.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock valued at $12,653,000 after purchasing an additional 16,103 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ARCB has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on shares of ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup boosted their target price on shares of ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Wells Fargo & Company decreased their price target on ArcBest from $105.00 to $96.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. UBS Group lowered their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Finally, Stifel Nicolaus increased their price target on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, ArcBest currently has a consensus rating of “Hold” and an average price target of $118.91.

ArcBest Stock Performance

Shares of ArcBest stock opened at $79.03 on Friday. The company’s 50 day moving average price is $94.59 and its two-hundred day moving average price is $102.70. The firm has a market capitalization of $1.85 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.70 and a beta of 1.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest Co. has a fifty-two week low of $78.65 and a fifty-two week high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same quarter last year, the company posted $2.47 EPS. On average, equities analysts forecast that ArcBest Co. will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.48 annualized dividend and a yield of 0.61%. ArcBest’s dividend payout ratio is presently 6.55%.

ArcBest Company 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.