VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Stake in ArcBest Corporation $ARCB

VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of ArcBest Corporation (NASDAQ:ARCB) by 271.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,000 shares of the transportation company’s stock after buying an additional 9,500 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.06% of ArcBest worth $908,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Ameriprise Financial Inc. lifted its stake in shares of ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after acquiring an additional 300,642 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in ArcBest in the second quarter worth $12,657,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ArcBest by 215.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of ArcBest by 241.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 123,904 shares of the transportation company’s stock worth $10,149,000 after purchasing an additional 87,592 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of ArcBest during the first quarter valued at $5,372,000. Institutional investors own 99.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on ARCB shares. Wells Fargo & Company reduced their price target on shares of ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. UBS Group dropped their target price on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Stifel Nicolaus raised their target price on shares of ArcBest from $73.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Cowen reiterated a “hold” rating on shares of ArcBest in a report on Wednesday, October 1st. Finally, Citigroup dropped their price objective on ArcBest from $87.00 to $83.00 and set a “buy” rating on the stock in a research note on Tuesday, December 2nd. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $86.00.

ArcBest Price Performance

Shares of ARCB opened at $77.17 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98. The company has a 50 day moving average price of $70.61 and a 200-day moving average price of $73.23. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $103.63. The stock has a market capitalization of $1.74 billion, a PE ratio of 18.33, a PEG ratio of 8.93 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. ArcBest’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.64 earnings per share. Equities analysts predict that ArcBest Corporation will post 7 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, November 14th. ArcBest’s dividend payout ratio is 11.40%.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.