State of Alaska Department of Revenue Has $910,000 Position in ArcBest Corporation (NASDAQ:ARCB)

State of Alaska Department of Revenue decreased its position in ArcBest Corporation (NASDAQ:ARCB) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,904 shares of the transportation company’s stock after selling 395 shares during the period. State of Alaska Department of Revenue owned 0.06% of ArcBest worth $910,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised 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 last quarter. JPMorgan Chase & Co. increased its holdings in ArcBest by 47.2% in the 4th quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company’s stock worth $30,423,000 after purchasing an additional 104,499 shares in the last quarter. GAMMA Investing LLC grew its position in shares of ArcBest by 20,035.6% in the 1st quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company’s stock valued at $71,480,000 after buying an additional 100,779 shares during the last quarter. American Century Companies Inc. grew its position in shares of ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after buying an additional 86,867 shares during the last quarter. Finally, Eisler Capital Management Ltd. bought a new stake in shares of ArcBest during the 4th quarter valued at about $7,695,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Analyst Ratings Changes

ARCB has been the topic of several recent research reports. TD Cowen cut their price target on ArcBest from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Citigroup dropped their price objective on ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Stifel Nicolaus dropped their price target on ArcBest from $102.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Bank of America upgraded ArcBest from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. Finally, UBS Group dropped their price target on ArcBest from $100.00 to $64.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $89.42.

ArcBest Stock Performance

ArcBest stock opened at $74.59 on Friday. The company has a market capitalization of $1.71 billion, a PE ratio of 9.87, a P/E/G ratio of 0.78 and a beta of 1.68. The company has a 50 day moving average price of $64.87 and a 200-day moving average price of $78.59. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $129.83.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The company’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.34 earnings per share. As a group, equities analysts forecast that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were given a $0.12 dividend. The ex-dividend date was Friday, May 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.64%. ArcBest’s dividend payout ratio (DPR) is currently 6.35%.

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.