Allspring Global Investments Holdings LLC Grows Stake in ArcBest Corporation $ARCB

Allspring Global Investments Holdings LLC lifted its position in ArcBest Corporation (NASDAQ:ARCB) by 100.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 87,256 shares of the transportation company’s stock after acquiring an additional 43,803 shares during the period. Allspring Global Investments Holdings LLC owned 0.39% of ArcBest worth $6,734,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. raised its position in shares of ArcBest by 9.6% in the 3rd quarter. American Century Companies Inc. now owns 817,091 shares of the transportation company’s stock worth $57,090,000 after acquiring an additional 71,420 shares in the last quarter. Turtle Creek Asset Management Inc. bought a new position in shares of ArcBest in the 3rd quarter worth approximately $39,508,000. Jacobs Levy Equity Management Inc. raised its position in shares of ArcBest by 4.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock worth $36,394,000 after acquiring an additional 24,102 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of ArcBest by 0.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 491,487 shares of the transportation company’s stock worth $34,340,000 after acquiring an additional 1,423 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in shares of ArcBest by 145.9% in the 3rd quarter. Two Sigma Investments LP now owns 281,803 shares of the transportation company’s stock worth $19,690,000 after acquiring an additional 167,200 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

ARCB has been the subject of several research reports. Wells Fargo & Company increased their target price on ArcBest from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Sunday, February 1st. Truist Financial increased their target price on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. increased their target price on ArcBest from $76.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday, February 2nd. TD Cowen reissued a “hold” rating on shares of ArcBest in a research report on Friday, January 9th. Finally, Jefferies Financial Group raised their price objective on ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $97.17.

ArcBest Stock Up 3.1%

ARCB stock opened at $103.62 on Tuesday. ArcBest Corporation has a twelve month low of $55.19 and a twelve month high of $112.92. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.31 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 0.70 and a beta of 1.42. The business has a 50 day moving average of $97.83 and a 200 day moving average of $82.41.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a net margin of 1.50% and a return on equity of 6.51%. The company had revenue of $972.69 million for the quarter, compared to the consensus estimate of $963.74 million. During the same period last year, the business earned $1.33 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. On average, research analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 24th. Shareholders of record on Tuesday, February 10th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. ArcBest’s dividend payout ratio (DPR) is presently 18.39%.

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.