ArcBest Corporation $ARCB Holdings Raised by State of Alaska Department of Revenue

State of Alaska Department of Revenue boosted its stake in ArcBest Corporation (NASDAQ:ARCB) by 5.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,650 shares of the transportation company’s stock after buying an additional 746 shares during the period. State of Alaska Department of Revenue owned 0.06% of ArcBest worth $1,050,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ARCB. Nuveen LLC acquired a new stake in shares of ArcBest in the 1st quarter worth approximately $18,460,000. Westwood Holdings Group Inc. raised its holdings in ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after purchasing an additional 233,409 shares in the last quarter. Ancora Advisors LLC lifted its position in ArcBest by 1,812.9% in the first quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after purchasing an additional 193,892 shares during the period. Federated Hermes Inc. bought a new position in ArcBest during the 1st quarter valued at $9,202,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock valued at $10,808,000 after purchasing an additional 104,643 shares during the period. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ARCB. Morgan Stanley cut their price objective on ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, July 31st. Citigroup dropped their price target on shares of ArcBest from $83.00 to $79.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 10th. Wells Fargo & Company reduced their price objective on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, July 31st. Zacks Research raised shares of ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a report on Saturday, September 27th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ArcBest presently has an average rating of “Hold” and an average target price of $89.33.

ArcBest Stock Performance

ARCB opened at $71.98 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.64 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 1.30 and a beta of 1.66. The stock has a 50-day moving average of $72.49 and a 200-day moving average of $70.26. ArcBest Corporation has a 52-week low of $55.19 and a 52-week high of $123.25.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.During the same quarter last year, the firm posted $1.98 earnings per share. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

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

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.