Allspring Global Investments Holdings LLC Purchases 460 Shares of ArcBest Co. (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC lifted its position in shares of ArcBest Co. (NASDAQ:ARCB) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,916 shares of the transportation company’s stock after purchasing an additional 460 shares during the period. Allspring Global Investments Holdings LLC owned 0.30% of ArcBest worth $7,006,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in ARCB. Cambridge Investment Research Advisors Inc. lifted its position in shares of ArcBest by 13.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,737 shares of the transportation company’s stock valued at $220,000 after purchasing an additional 314 shares in the last quarter. Citigroup Inc. raised its position in ArcBest by 4.5% in the first quarter. Citigroup Inc. now owns 24,501 shares of the transportation company’s stock worth $1,972,000 after acquiring an additional 1,061 shares during the period. MetLife Investment Management LLC raised its position in ArcBest by 55.3% in the first quarter. MetLife Investment Management LLC now owns 13,678 shares of the transportation company’s stock worth $1,101,000 after acquiring an additional 4,871 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in ArcBest by 10.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,438 shares of the transportation company’s stock worth $1,726,000 after acquiring an additional 2,114 shares during the period. Finally, APG Asset Management N.V. purchased a new position in shares of ArcBest in the first quarter worth about $1,461,000. 95.78% of the stock is owned by institutional investors.

Insider Activity at ArcBest

In other ArcBest news, CEO Judy R. Mcreynolds sold 15,443 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $110.09, for a total value of $1,700,119.87. Following the sale, the chief executive officer now owns 56,534 shares in the company, valued at $6,223,828.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Craig E. Philip sold 3,700 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $102.22, for a total transaction of $378,214.00. Following the sale, the director now owns 31,100 shares in the company, valued at $3,179,042. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Judy R. Mcreynolds sold 15,443 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $110.09, for a total transaction of $1,700,119.87. Following the sale, the chief executive officer now owns 56,534 shares in the company, valued at approximately $6,223,828.06. The disclosure for this sale can be found here. Insiders have sold 34,543 shares of company stock worth $3,749,832 over the last 90 days. 1.65% of the stock is owned by company insiders.

ArcBest Trading Up 2.6 %

NASDAQ:ARCB opened at $117.41 on Friday. The firm has a market capitalization of $2.82 billion, a P/E ratio of 15.91 and a beta of 1.49. The company has a quick ratio of 1.35, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $101.24 and a 200 day moving average of $98.00. ArcBest Co. has a 52 week low of $68.00 and a 52 week high of $122.86.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, October 27th. The transportation company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.82. ArcBest had a return on equity of 16.35% and a net margin of 4.02%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company earned $3.80 earnings per share. The firm’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, research analysts predict that ArcBest Co. will post 7.56 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, November 7th. ArcBest’s dividend payout ratio is currently 6.50%.

Analysts Set New Price Targets

ARCB has been the subject of several recent research reports. UBS Group initiated coverage on shares of ArcBest in a research note on Monday, September 18th. They issued a “neutral” rating and a $110.00 target price for the company. The Goldman Sachs Group boosted their price objective on shares of ArcBest from $105.00 to $117.00 and gave the company a “neutral” rating in a research note on Monday, July 31st. Citigroup reduced their price objective on shares of ArcBest from $137.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, October 4th. Credit Suisse Group cut shares of ArcBest from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $104.00 to $127.00 in a research note on Monday, July 31st. Finally, Stifel Nicolaus boosted their price objective on shares of ArcBest from $132.00 to $136.00 and gave the company a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $124.20.

About ArcBest

ArcBest Corporation provides freight transportation and integrated logistics services. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.