ArcBest Co. (NASDAQ:ARCB) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System decreased its position in ArcBest Co. (NASDAQ:ARCB) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,600 shares of the transportation company’s stock after selling 249 shares during the quarter. Maryland State Retirement & Pension System’s holdings in ArcBest were worth $1,034,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in ArcBest by 15,450.0% in the third quarter. Allworth Financial LP now owns 311 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 309 shares during the last quarter. GAMMA Investing LLC acquired a new stake in ArcBest in the fourth quarter valued at $39,000. SG Americas Securities LLC purchased a new position in ArcBest in the third quarter valued at about $141,000. Greenleaf Trust acquired a new position in ArcBest during the fourth quarter worth $212,000. Finally, Truist Financial Corp purchased a new stake in shares of ArcBest in the fourth quarter valued at about $213,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

Insider Activity at ArcBest

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of ArcBest stock in a transaction on Friday, March 1st. The shares were sold at an average price of $141.58, for a total value of $283,160.00. Following the completion of the transaction, the insider now owns 32,247 shares of the company’s stock, valued at $4,565,530.26. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ARCB has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft started coverage on ArcBest in a research note on Monday, January 29th. They set a “buy” rating and a $148.00 price objective on the stock. Morgan Stanley increased their price target on ArcBest from $155.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. TD Cowen reduced their target price on ArcBest from $177.00 to $148.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group upped their price objective on shares of ArcBest from $133.00 to $149.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Finally, Stephens increased their price target on shares of ArcBest from $165.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.38.

ArcBest Stock Performance

ArcBest stock opened at $115.74 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.23 and a quick ratio of 1.26. The firm’s fifty day moving average price is $135.56 and its 200 day moving average price is $126.17. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 0.57 and a beta of 1.56. ArcBest Co. has a 12-month low of $82.18 and a 12-month high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 30th. The transportation company reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a net margin of 2.80% and a return on equity of 15.27%. ArcBest’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.58 EPS. On average, research analysts forecast that ArcBest Co. will post 9 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be paid a $0.12 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.41%. ArcBest’s dividend payout ratio (DPR) is 9.66%.

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.