ArcBest Co. (NASDAQ:ARCB) Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 64,703 shares of the transportation company’s stock after selling 2,349 shares during the period. Legal & General Group Plc owned approximately 0.28% of ArcBest worth $6,038,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ARCB. Vanguard Group Inc. grew its holdings in shares of ArcBest by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after purchasing an additional 20,665 shares in the last quarter. Alliancebernstein L.P. boosted its position in ArcBest by 9.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after buying an additional 220,325 shares during the period. American Century Companies Inc. grew its stake in shares of ArcBest by 16.3% in the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock worth $57,758,000 after acquiring an additional 86,867 shares in the last quarter. Geode Capital Management LLC increased its position in shares of ArcBest by 0.6% during the third quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company’s stock worth $59,856,000 after acquiring an additional 3,475 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in ArcBest by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company’s stock valued at $39,769,000 after purchasing an additional 11,894 shares during the period. 99.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ArcBest

In other news, CFO John Matthew Beasley bought 700 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.28% of the company’s stock.

ArcBest Price Performance

NASDAQ:ARCB opened at $60.99 on Monday. The stock has a market capitalization of $1.41 billion, a PE ratio of 8.32, a P/E/G ratio of 1.70 and a beta of 1.62. ArcBest Co. has a 1-year low of $57.38 and a 1-year high of $146.41. The firm has a fifty day simple moving average of $74.28 and a 200 day simple moving average of $92.81. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period in the previous year, the company posted $2.47 EPS. On average, research analysts expect that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest’s payout ratio is 6.55%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ARCB. The Goldman Sachs Group cut their target price on ArcBest from $108.00 to $97.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. UBS Group reduced their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Citigroup lowered their target price on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Stephens reaffirmed an “overweight” rating and issued a $116.00 target price on shares of ArcBest in a report on Tuesday, March 11th. Finally, Truist Financial began coverage on shares of ArcBest in a research note on Thursday, March 13th. They set a “buy” rating and a $93.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, ArcBest presently has a consensus rating of “Hold” and an average price target of $101.75.

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.