New York State Teachers Retirement System Sells 5,364 Shares of ArcBest Corporation $ARCB

New York State Teachers Retirement System decreased its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 14.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,579 shares of the transportation company’s stock after selling 5,364 shares during the period. New York State Teachers Retirement System’s holdings in ArcBest were worth $2,432,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ARCB. Crossmark Global Holdings Inc. raised its stake in shares of ArcBest by 7.1% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,303 shares of the transportation company’s stock valued at $304,000 after purchasing an additional 285 shares during the period. Janney Montgomery Scott LLC acquired a new position in ArcBest during the 1st quarter worth approximately $381,000. GAMMA Investing LLC grew its stake in shares of ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock worth $101,000 after acquiring an additional 932 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of ArcBest by 23.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 41,971 shares of the transportation company’s stock worth $3,232,000 after acquiring an additional 7,955 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of ArcBest in the first quarter valued at approximately $473,000. 99.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ARCB has been the subject of a number of analyst reports. TD Cowen decreased their target price on shares of ArcBest from $72.00 to $67.00 and set a “hold” rating for the company in a research report on Wednesday, October 1st. Wells Fargo & Company decreased their price objective on ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, July 31st. JPMorgan Chase & Co. upped their target price on ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Morgan Stanley decreased their price target on ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, July 31st. Finally, Citigroup upgraded ArcBest from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $79.00 to $89.00 in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.00.

ArcBest Price Performance

NASDAQ:ARCB opened at $77.09 on Wednesday. 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 12-month low of $55.19 and a 12-month high of $123.25. The stock’s 50 day moving average price is $72.34 and its two-hundred day moving average price is $70.48. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 1.40 and a beta of 1.66.

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

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were given a $0.12 dividend. 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 dividend payout ratio is presently 7.14%.

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.