34,517 Shares in ArcBest Corporation $ARCB Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio acquired a new position in shares of ArcBest Corporation (NASDAQ:ARCB) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 34,517 shares of the transportation company’s stock, valued at approximately $4,955,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest during the second quarter worth about $74,000. Federated Hermes Inc. boosted its holdings in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after buying an additional 567 shares during the last quarter. Hantz Financial Services Inc. increased its stake in ArcBest by 507.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after buying an additional 934 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in ArcBest during the 2nd quarter worth approximately $85,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of ArcBest during the second quarter valued at approximately $92,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Wells Fargo & Company boosted their price target on ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Wall Street Zen raised ArcBest from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Morgan Stanley raised their price objective on ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ArcBest in a research note on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, ArcBest presently has an average rating of “Moderate Buy” and a consensus price target of $154.23.

Insider Activity

In other ArcBest news, insider Erin K. Gattis sold 6,163 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $140.00, for a total value of $862,820.00. Following the transaction, the insider directly owned 24,286 shares in the company, valued at $3,400,040. The trade was a 20.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Judy R. Mcreynolds sold 2,857 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the sale, the director directly owned 50,048 shares of the company’s stock, valued at approximately $6,955,671.04. This trade represents a 5.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 11,963 shares of company stock valued at $1,678,066. 0.98% of the stock is owned by company insiders.

ArcBest Stock Performance

NASDAQ ARCB opened at $133.93 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s fifty day moving average is $144.12 and its two-hundred day moving average is $126.76. The firm has a market capitalization of $2.99 billion, a P/E ratio of 194.10, a price-to-earnings-growth ratio of 0.43 and a beta of 1.55. ArcBest Corporation has a fifty-two week low of $59.43 and a fifty-two week high of $176.69.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $1.36 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, research analysts anticipate that ArcBest Corporation will post 6.9 earnings per share for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. ArcBest’s dividend payout ratio is currently 69.57%.

ArcBest Company Profile

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.