Maryland State Retirement & Pension System Trims Holdings in ArcBest Corporation (NASDAQ:ARCB)

Maryland State Retirement & Pension System trimmed its position in ArcBest Corporation (NASDAQ:ARCB) by 13.8% during the first quarter, Holdings Channel.com reports. The firm owned 6,796 shares of the transportation company’s stock after selling 1,084 shares during the period. Maryland State Retirement & Pension System’s holdings in ArcBest were worth $480,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ARCB. Envestnet Asset Management Inc. increased its stake in shares of ArcBest by 18.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 37,597 shares of the transportation company’s stock valued at $3,509,000 after acquiring an additional 5,835 shares during the last quarter. Bank of Montreal Can increased its stake in shares of ArcBest by 9.1% during the 4th quarter. Bank of Montreal Can now owns 4,568 shares of the transportation company’s stock valued at $426,000 after acquiring an additional 380 shares during the last quarter. Invesco Ltd. increased its stake in shares of ArcBest by 29.3% during the 4th quarter. Invesco Ltd. now owns 136,375 shares of the transportation company’s stock valued at $12,727,000 after acquiring an additional 30,906 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of ArcBest by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock valued at $230,000 after acquiring an additional 157 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of ArcBest by 4.5% during the 4th quarter. Barclays PLC now owns 45,078 shares of the transportation company’s stock valued at $4,207,000 after acquiring an additional 1,944 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

ARCB has been the subject of a number of research analyst reports. TD Cowen dropped their price objective on shares of ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Wells Fargo & Company dropped their price objective on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their target price on shares of ArcBest from $75.00 to $89.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Stifel Nicolaus dropped their target price on shares of ArcBest from $93.00 to $81.00 and set a “buy” rating for the company in a research report on Thursday, July 31st. Finally, Bank of America raised shares of ArcBest from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $90.00.

ArcBest Stock Down 2.8%

Shares of NASDAQ:ARCB opened at $71.46 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. ArcBest Corporation has a 52-week low of $55.19 and a 52-week high of $123.25. The company has a 50 day moving average of $75.98 and a two-hundred day moving average of $73.47. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 0.85 and a beta of 1.69.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the business earned $1.98 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. As a group, analysts forecast that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.7%. ArcBest’s dividend payout ratio (DPR) is 7.14%.

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.