Public Employees Retirement System of Ohio cut its position in ArcBest Corp (NASDAQ:ARCB) by 12.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 27,131 shares of the transportation company’s stock after selling 3,792 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in ArcBest were worth $1,240,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of ARCB. WINTON GROUP Ltd acquired a new stake in shares of ArcBest in the 2nd quarter valued at about $9,675,000. Millennium Management LLC grew its stake in shares of ArcBest by 182.9% in the 2nd quarter. Millennium Management LLC now owns 321,094 shares of the transportation company’s stock valued at $14,674,000 after buying an additional 207,604 shares during the period. BlackRock Inc. grew its stake in shares of ArcBest by 6.2% in the 2nd quarter. BlackRock Inc. now owns 3,555,928 shares of the transportation company’s stock valued at $162,507,000 after buying an additional 206,629 shares during the period. Foundry Partners LLC acquired a new stake in shares of ArcBest in the 1st quarter valued at about $5,823,000. Finally, Russell Investments Group Ltd. grew its stake in shares of ArcBest by 187.4% in the 1st quarter. Russell Investments Group Ltd. now owns 241,292 shares of the transportation company’s stock valued at $7,731,000 after buying an additional 157,344 shares during the period. Institutional investors own 94.63% of the company’s stock.
Several brokerages have recently commented on ARCB. BidaskClub upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, September 27th. Loop Capital began coverage on ArcBest in a research note on Monday, October 1st. They issued a “hold” rating and a $47.00 target price for the company. Stifel Nicolaus restated a “hold” rating and issued a $46.00 target price on shares of ArcBest in a research note on Friday, August 3rd. Buckingham Research raised their target price on ArcBest from $43.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, August 9th. Finally, Wolfe Research downgraded ArcBest from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $45.44.
Shares of NASDAQ ARCB opened at $39.73 on Friday. ArcBest Corp has a fifty-two week low of $29.40 and a fifty-two week high of $51.45. The stock has a market capitalization of $1.25 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 0.37 and a beta of 2.10. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30.
ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Tuesday, July 31st. The transportation company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.13. ArcBest had a net margin of 2.12% and a return on equity of 9.88%. The business had revenue of $793.35 million for the quarter, compared to analysts’ expectations of $786.86 million. As a group, sell-side analysts expect that ArcBest Corp will post 3.24 earnings per share for the current year.
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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