Allspring Global Investments Holdings LLC Sells 44,558 Shares of ArcBest Co. (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC trimmed its position in shares of ArcBest Co. (NASDAQ:ARCB) by 22.8% in the fourth quarter, Holdings Channel reports. The fund owned 150,712 shares of the transportation company’s stock after selling 44,558 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ArcBest were worth $18,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Wakefield Asset Management LLLP acquired a new stake in shares of ArcBest in the fourth quarter worth $806,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ArcBest by 4.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,263 shares of the transportation company’s stock valued at $1,354,000 after buying an additional 511 shares during the last quarter. Advisors Preferred LLC bought a new stake in shares of ArcBest in the fourth quarter valued at about $1,227,000. Bellecapital International Ltd. acquired a new stake in ArcBest during the fourth quarter worth about $213,000. Finally, AlphaMark Advisors LLC raised its holdings in ArcBest by 11.2% in the 4th quarter. AlphaMark Advisors LLC now owns 2,480 shares of the transportation company’s stock valued at $298,000 after acquiring an additional 250 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Erin K. Gattis sold 2,000 shares of ArcBest stock in a transaction on Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the transaction, the insider now owns 32,247 shares in the company, valued at approximately $4,565,530.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ARCB shares. Stifel Nicolaus increased their price objective on shares of ArcBest from $153.00 to $159.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. cut their price objective on ArcBest from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, April 9th. Stephens upped their target price on shares of ArcBest from $165.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. The Goldman Sachs Group lifted their price target on shares of ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of ArcBest in a research note on Monday, January 29th. They set a “buy” rating and a $148.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.85.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $149.19 on Monday. The stock has a market capitalization of $3.51 billion, a PE ratio of 18.86, a P/E/G ratio of 0.63 and a beta of 1.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.26 and a quick ratio of 1.26. The business has a fifty day moving average price of $140.02 and a two-hundred day moving average price of $122.59. ArcBest Co. has a fifty-two week low of $82.18 and a fifty-two week high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.25. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the company posted $2.45 EPS. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities analysts predict that ArcBest Co. will post 10.08 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.12 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.48 annualized dividend and a dividend yield of 0.32%. ArcBest’s payout ratio is 6.07%.

ArcBest 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.