ArcBest Co. (NASDAQ:ARCB) Shares Acquired by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio increased its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 7.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,124 shares of the transportation company’s stock after buying an additional 2,403 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in ArcBest were worth $3,701,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP grew its stake in shares of ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares during the last quarter. Innealta Capital LLC purchased a new position in ArcBest in the 2nd quarter valued at $33,000. Quest Partners LLC purchased a new position in ArcBest in the 2nd quarter valued at $36,000. Cultivar Capital Inc. acquired a new position in ArcBest in the 2nd quarter valued at $43,000. Finally, GAMMA Investing LLC raised its position in ArcBest by 63.7% during the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock worth $56,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ARCB shares. Citigroup lifted their target price on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. The Goldman Sachs Group lowered their price objective on ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Morgan Stanley cut their target price on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. TD Cowen downgraded ArcBest from a “buy” rating to a “hold” rating and decreased their price target for the company from $131.00 to $114.00 in a research note on Monday, October 14th. Finally, Jefferies Financial Group cut their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $124.50.

ArcBest Stock Down 2.1 %

ARCB opened at $108.57 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.56 and a beta of 1.49. ArcBest Co. has a one year low of $94.76 and a one year high of $153.60. The business’s fifty day moving average is $108.04 and its two-hundred day moving average is $108.36.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.20). The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. ArcBest had a return on equity of 14.27% and a net margin of 4.54%. ArcBest’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.31 earnings per share. Analysts anticipate that ArcBest Co. will post 6.06 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were given a $0.12 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.44%. ArcBest’s dividend payout ratio is presently 5.93%.

Insider Transactions at ArcBest

In other news, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now directly owns 5,051 shares in the company, valued at $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the sale, the director now owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. This represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

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.