ArcBest Corporation (NASDAQ:ARCB) Stock Holdings Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 73.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,529 shares of the transportation company’s stock after buying an additional 2,339 shares during the period. Teacher Retirement System of Texas’ holdings in ArcBest were worth $390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in ArcBest by 0.8% during 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 during the last quarter. Alliancebernstein L.P. lifted 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 worth $240,011,000 after buying an additional 220,325 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock worth $59,338,000 after buying an additional 16,239 shares in the last quarter. American Century Companies Inc. increased its stake in shares of ArcBest by 16.3% during the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock worth $57,758,000 after purchasing an additional 86,867 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of ArcBest by 1.5% during the 4th quarter. Northern Trust Corp now owns 400,005 shares of the transportation company’s stock worth $37,328,000 after purchasing an additional 5,739 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Stock Up 1.3%

Shares of NASDAQ ARCB opened at $79.73 on Friday. ArcBest Corporation has a 12 month low of $55.19 and a 12 month high of $129.83. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.84 and a beta of 1.71. The business has a 50-day moving average of $71.15 and a 200-day moving average of $76.53.

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). ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The company had revenue of $967.08 million during the quarter, compared to the consensus estimate of $990.03 million. During the same period last year, the business earned $1.34 EPS. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. Sell-side analysts expect that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 9th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.48 annualized dividend and a yield of 0.60%. ArcBest’s payout ratio is presently 6.35%.

Analyst Ratings Changes

ARCB has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their target price on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Truist Financial reduced their price objective on shares of ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, April 24th. UBS Group lifted their price target on shares of ArcBest from $64.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Citigroup boosted their target price on shares of ArcBest from $67.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their target price on shares of ArcBest from $60.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, July 7th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcBest currently has an average rating of “Hold” and an average target price of $93.17.

About ArcBest

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.