ArcBest Corporation $ARCB Stock: State of Alaska Department of Revenue Reduces Position

State of Alaska Department of Revenue trimmed its holdings in ArcBest Corporation (NASDAQ:ARCB) by 46.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,608 shares of the transportation company’s stock after selling 4,012 shares during the quarter. State of Alaska Department of Revenue’s holdings in ArcBest were worth $586,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. C M Bidwell & Associates Ltd. purchased a new stake in shares of ArcBest during the 2nd quarter worth approximately $74,000. Nykredit A S purchased a new position in shares of ArcBest in the 2nd quarter valued at $75,000. Northwestern Mutual Wealth Management Co. acquired a new stake in ArcBest during the 2nd quarter worth $92,000. Pinnacle Holdings LLC acquired a new stake in ArcBest during the 2nd quarter worth $246,000. Finally, PNC Financial Services Group Inc. raised its stake in ArcBest by 8.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company’s stock worth $175,000 after acquiring an additional 134 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ArcBest

In other news, insider Erin K. Gattis sold 6,163 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total transaction of $862,820.00. Following the completion of the transaction, the insider directly owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. This represents a 20.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Jason T. Parks sold 855 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $135.09, for a total value of $115,501.95. Following the transaction, the vice president directly owned 3,794 shares of the company’s stock, valued at approximately $512,531.46. This trade represents a 18.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,818 shares of company stock valued at $1,793,568. 0.98% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on ARCB shares. Zacks Research downgraded shares of ArcBest from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Stifel Nicolaus cut their target price on ArcBest from $185.00 to $168.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. UBS Group boosted their target price on ArcBest from $145.00 to $154.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Citizens Jmp initiated coverage on ArcBest in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $180.00 target price for the company. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $172.00 target price on shares of ArcBest in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, ArcBest has a consensus rating of “Moderate Buy” and an average target price of $153.15.

ArcBest Stock Down 2.5%

ARCB stock opened at $127.01 on Friday. The stock has a market capitalization of $2.84 billion, a PE ratio of 28.83, a price-to-earnings-growth ratio of 0.39 and a beta of 1.70. The company has a fifty day moving average of $132.93 and a 200-day moving average of $135.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. ArcBest Corporation has a one year low of $59.43 and a one year high of $176.69.

ArcBest (NASDAQ:ARCB) last issued its quarterly 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. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.36 earnings per share. As a group, analysts expect that ArcBest Corporation will post 7.06 EPS for the current year.

ArcBest Profile

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.