New York State Teachers Retirement System Sells 2,500 Shares of ArcBest Corp (NASDAQ:ARCB)

New York State Teachers Retirement System cut its stake in ArcBest Corp (NASDAQ:ARCB) by 4.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,371 shares of the transportation company’s stock after selling 2,500 shares during the period. New York State Teachers Retirement System owned 0.22% of ArcBest worth $1,556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Thrivent Financial for Lutherans raised its stake in shares of ArcBest by 2.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 18,348 shares of the transportation company’s stock worth $629,000 after buying an additional 403 shares during the last quarter. Globeflex Capital L P raised its stake in shares of ArcBest by 1.6% during the first quarter. Globeflex Capital L P now owns 27,795 shares of the transportation company’s stock worth $856,000 after buying an additional 439 shares during the last quarter. Martingale Asset Management L P raised its stake in shares of ArcBest by 1.1% during the first quarter. Martingale Asset Management L P now owns 45,234 shares of the transportation company’s stock worth $1,393,000 after buying an additional 500 shares during the last quarter. Texas Permanent School Fund grew its holdings in ArcBest by 3.3% during the first quarter. Texas Permanent School Fund now owns 17,362 shares of the transportation company’s stock valued at $535,000 after purchasing an additional 551 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in ArcBest by 4.5% during the first quarter. Wedge Capital Management L L P NC now owns 13,937 shares of the transportation company’s stock valued at $429,000 after purchasing an additional 603 shares during the period. 97.85% of the stock is owned by institutional investors.

ARCB has been the subject of a number of analyst reports. Buckingham Research decreased their price objective on shares of ArcBest from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, May 6th. TheStreet cut shares of ArcBest from a “b-” rating to a “c+” rating in a report on Tuesday, May 28th. Zacks Investment Research upgraded shares of ArcBest from a “strong sell” rating to a “hold” rating in a report on Monday, July 22nd. Cowen upgraded shares of ArcBest from a “market perform” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Wednesday, May 22nd. Finally, Citigroup decreased their price objective on shares of ArcBest from $34.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $36.63.

Shares of ArcBest stock traded up $0.06 on Tuesday, hitting $27.79. The company had a trading volume of 438 shares, compared to its average volume of 280,989. The company has a market capitalization of $732.23 million, a price-to-earnings ratio of 7.23 and a beta of 2.02. ArcBest Corp has a twelve month low of $24.68 and a twelve month high of $51.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.38 and a quick ratio of 1.40. The company has a 50-day simple moving average of $27.24.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, July 30th. The transportation company reported $0.93 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.03). The company had revenue of $771.50 million during the quarter, compared to analyst estimates of $779.07 million. ArcBest had a net margin of 2.77% and a return on equity of 13.11%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 EPS. As a group, equities analysts predict that ArcBest Corp will post 3.13 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Thursday, August 8th. ArcBest’s dividend payout ratio (DPR) is presently 8.29%.

About ArcBest

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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