Public Employees Retirement System of Ohio Purchases 7,955 Shares of ArcBest Corporation $ARCB

Public Employees Retirement System of Ohio lifted its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 23.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 41,971 shares of the transportation company’s stock after acquiring an additional 7,955 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.18% of ArcBest worth $3,232,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in ArcBest by 11.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock worth $123,000 after purchasing an additional 168 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in ArcBest by 433.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock worth $30,000 after purchasing an additional 312 shares in the last quarter. Voya Investment Management LLC lifted its holdings in ArcBest by 21.0% during the 1st quarter. Voya Investment Management LLC now owns 14,780 shares of the transportation company’s stock worth $1,043,000 after purchasing an additional 2,567 shares in the last quarter. Strs Ohio purchased a new stake in ArcBest during the 1st quarter worth about $473,000. Finally, Intech Investment Management LLC lifted its holdings in ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after purchasing an additional 655 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ARCB. Zacks Research raised ArcBest to a “strong sell” rating in a report on Monday, August 11th. JPMorgan Chase & Co. increased their price objective on ArcBest from $75.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Cowen reissued a “hold” rating on shares of ArcBest in a report on Wednesday. Jefferies Financial Group reissued a “buy” rating and set a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a report on Tuesday, June 10th. Finally, TD Cowen lowered their price target on ArcBest from $72.00 to $67.00 and set a “hold” rating on the stock in a report on Wednesday. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $89.33.

ArcBest Stock Performance

Shares of NASDAQ ARCB opened at $68.88 on Thursday. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 1.24 and a beta of 1.66. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. ArcBest Corporation has a 1-year low of $55.19 and a 1-year high of $123.25. The stock’s 50-day moving average is $73.07 and its 200 day moving average is $70.33.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.12). The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.98 earnings per share. On average, sell-side analysts anticipate that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.7%. The ex-dividend date was Friday, August 8th. ArcBest’s dividend payout ratio (DPR) is presently 7.14%.

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.