Corebridge Financial Inc. Lowers Stock Position in ArcBest Corporation $ARCB

Corebridge Financial Inc. reduced its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,287 shares of the transportation company’s stock after selling 244 shares during the period. Corebridge Financial Inc.’s holdings in ArcBest were worth $867,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Capital Fund Management S.A. lifted its holdings in ArcBest by 31.5% in the 1st quarter. Capital Fund Management S.A. now owns 21,901 shares of the transportation company’s stock worth $1,546,000 after purchasing an additional 5,252 shares in the last quarter. Quantbot Technologies LP lifted its holdings in ArcBest by 33.7% in the 1st quarter. Quantbot Technologies LP now owns 22,176 shares of the transportation company’s stock worth $1,565,000 after purchasing an additional 5,586 shares in the last quarter. Northern Trust Corp lifted its holdings in ArcBest by 0.4% in the 1st quarter. Northern Trust Corp now owns 401,549 shares of the transportation company’s stock worth $28,341,000 after purchasing an additional 1,544 shares in the last quarter. Partners Group Holding AG lifted its holdings in ArcBest by 52.0% in the 1st quarter. Partners Group Holding AG now owns 119,679 shares of the transportation company’s stock worth $8,447,000 after purchasing an additional 40,966 shares in the last quarter. Finally, Pinnacle Holdings LLC lifted its holdings in ArcBest by 3.4% in the 1st quarter. Pinnacle Holdings LLC now owns 13,746 shares of the transportation company’s stock worth $970,000 after purchasing an additional 448 shares in the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ARCB has been the topic of a number of research analyst reports. The Goldman Sachs Group raised ArcBest from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $84.00 to $101.00 in a report on Monday, June 2nd. Wall Street Zen raised ArcBest from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Stifel Nicolaus decreased their price objective on ArcBest from $93.00 to $81.00 and set a “buy” rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company decreased their price objective on ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, July 31st. Finally, Morgan Stanley decreased their price objective on ArcBest from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ArcBest has a consensus rating of “Hold” and an average price target of $90.00.

ArcBest Stock Performance

NASDAQ ARCB opened at $75.70 on Friday. The company has a market cap of $1.72 billion, a P/E ratio of 11.26, a P/E/G ratio of 0.86 and a beta of 1.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The business’s 50 day moving average price is $76.91 and its 200-day moving average price is $71.34. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25.

ArcBest (NASDAQ:ARCB) last released its earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.98 EPS. Sell-side analysts predict that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. ArcBest’s payout ratio is currently 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.