Allspring Global Investments Holdings LLC Sells 118,887 Shares of ArcBest Co. (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 72.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,288 shares of the transportation company’s stock after selling 118,887 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.20% of ArcBest worth $4,957,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Contravisory Investment Management Inc. grew its position in shares of ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares during the period. GAMMA Investing LLC acquired a new stake in ArcBest in the fourth quarter valued at approximately $39,000. Cultivar Capital Inc. purchased a new stake in ArcBest in the 2nd quarter worth $43,000. Finally, Parallel Advisors LLC increased its stake in shares of ArcBest by 45.8% during the fourth quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock worth $44,000 after purchasing an additional 114 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Price Performance

ARCB stock opened at $106.30 on Monday. The business has a 50 day simple moving average of $110.98 and a 200-day simple moving average of $121.36. The company has a market capitalization of $2.51 billion, a P/E ratio of 21.39, a PEG ratio of 1.17 and a beta of 1.48. ArcBest Co. has a twelve month low of $86.93 and a twelve month high of $153.60. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $1.54 earnings per share. The firm’s revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts anticipate that ArcBest Co. will post 7.39 EPS for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insiders Place Their Bets

In related news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now owns 3,650 shares in the company, valued at $379,344.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.65% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of ArcBest from $127.00 to $134.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Bank of America raised their target price on ArcBest from $110.00 to $112.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. TD Cowen dropped their price target on shares of ArcBest from $148.00 to $136.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Wells Fargo & Company assumed coverage on shares of ArcBest in a report on Friday, June 7th. They issued an “overweight” rating and a $140.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $144.27.

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.