Allspring Global Investments Holdings LLC Sells 4,348 Shares of ArcBest Corporation (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC lowered its stake in shares of ArcBest Corporation (NASDAQ:ARCB) by 10.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,312 shares of the transportation company’s stock after selling 4,348 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.16% of ArcBest worth $2,547,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ARCB. Smartleaf Asset Management LLC increased its position in shares of ArcBest by 471.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 453 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ArcBest by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 426,155 shares of the transportation company’s stock valued at $39,769,000 after acquiring an additional 11,894 shares during the last quarter. Victory Capital Management Inc. grew its position in ArcBest by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after acquiring an additional 13,152 shares during the last quarter. Arizona State Retirement System grew its position in ArcBest by 1.6% in the 4th quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock valued at $640,000 after acquiring an additional 108 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in ArcBest by 7.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,557 shares of the transportation company’s stock valued at $425,000 after acquiring an additional 315 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wall Street Zen raised ArcBest from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. Bank of America raised ArcBest from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. Jefferies Financial Group reissued a “buy” rating and set a $85.00 price target (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. Citigroup dropped their price target on ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial dropped their price target on ArcBest from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $89.42.

ArcBest Trading Down 1.5%

Shares of NASDAQ ARCB opened at $83.10 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $1.90 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 0.88 and a beta of 1.71. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $129.83. The business has a fifty day moving average price of $67.24 and a 200 day moving average price of $77.09.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). ArcBest had a net margin of 4.37% and a return on equity of 10.05%. The business had revenue of $967.08 million during the quarter, compared to analysts’ expectations of $990.03 million. During the same quarter last year, the business posted $1.34 earnings per share. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts expect that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Friday, May 9th. ArcBest’s dividend payout ratio (DPR) is presently 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.