New York State Common Retirement Fund Has $13.31 Million Stock Position in ArcBest Co. (NASDAQ:ARCB)

New York State Common Retirement Fund grew its holdings in ArcBest Co. (NASDAQ:ARCB) by 0.6% during the 4th quarter, Holdings Channel reports. The firm owned 110,748 shares of the transportation company’s stock after purchasing an additional 620 shares during the period. New York State Common Retirement Fund’s holdings in ArcBest were worth $13,313,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Cooper Creek Partners Management LLC bought a new position in ArcBest in the third quarter valued at approximately $29,108,000. Allspring Global Investments Holdings LLC boosted its position in shares of ArcBest by 175.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 195,270 shares of the transportation company’s stock worth $19,849,000 after purchasing an additional 124,354 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of ArcBest in the 3rd quarter worth $10,561,000. Moody Aldrich Partners LLC acquired a new stake in shares of ArcBest during the third quarter worth $5,835,000. Finally, Ardsley Advisory Partners LP bought a new stake in ArcBest in the third quarter valued at about $5,075,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Performance

Shares of ARCB stock opened at $129.45 on Tuesday. ArcBest Co. has a 12 month low of $82.18 and a 12 month high of $153.60. The company’s fifty day simple moving average is $139.77 and its 200-day simple moving average is $125.62. The firm has a market cap of $3.04 billion, a PE ratio of 16.37, a P/E/G ratio of 0.55 and a beta of 1.49. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Tuesday, February 6th. The transportation company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.22 by $0.25. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.09 billion. ArcBest had a net margin of 4.41% and a return on equity of 15.91%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.45 EPS. Equities research analysts expect that ArcBest Co. will post 10.05 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a yield of 0.37%. ArcBest’s dividend payout ratio is 6.07%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ARCB. Stephens boosted their target price on ArcBest from $165.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. UBS Group boosted their price objective on shares of ArcBest from $119.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, February 16th. TD Cowen increased their target price on shares of ArcBest from $141.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. dropped their price objective on ArcBest from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 9th. One equities research 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’s stock. According to data from MarketBeat.com, ArcBest presently has an average rating of “Moderate Buy” and an average price target of $151.54.

Insiders Place Their Bets

In other news, insider Erin K. Gattis sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 32,247 shares of the company’s stock, valued at approximately $4,565,530.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.18% of the company’s stock.

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.