State of Wyoming Reduces Stake in ArcBest Corporation $ARCB

State of Wyoming cut its stake in ArcBest Corporation (NASDAQ:ARCB) by 38.3% in the first quarter, Holdings Channel reports. The fund owned 5,897 shares of the transportation company’s stock after selling 3,654 shares during the period. State of Wyoming’s holdings in ArcBest were worth $580,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ARCB. Federated Hermes Inc. raised its stake in ArcBest by 126.6% during the fourth quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after purchasing an additional 567 shares during the period. Hantz Financial Services Inc. boosted its holdings in ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock valued at $83,000 after purchasing an additional 934 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of ArcBest in the 2nd quarter valued at approximately $85,000. Assetmark Inc. grew its stake in shares of ArcBest by 5,940.0% in the 4th quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock valued at $90,000 after buying an additional 1,188 shares during the period. Finally, KBC Group NV increased its holdings in shares of ArcBest by 69.4% during the 4th quarter. KBC Group NV now owns 1,299 shares of the transportation company’s stock worth $96,000 after buying an additional 532 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ARCB shares. Weiss Ratings lowered shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 28th. Morgan Stanley increased their price objective on ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wells Fargo & Company raised their target price on ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Citigroup started coverage on ArcBest in a research report on Wednesday, July 15th. They issued a “market outperform” rating on the stock. Finally, Truist Financial upped their price target on ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, ArcBest has an average rating of “Moderate Buy” and a consensus price target of $155.08.

ArcBest Price Performance

Shares of ARCB opened at $154.30 on Friday. The firm has a 50-day simple moving average of $146.70 and a two-hundred day simple moving average of $117.49. The stock has a market cap of $3.43 billion, a PE ratio of 63.50, a P/E/G ratio of 0.56 and a beta of 1.57. ArcBest Corporation has a 1-year low of $59.43 and a 1-year high of $176.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.93.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same period in the prior year, the business posted $0.51 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts forecast that ArcBest Corporation will post 6.62 EPS for the current year.

About ArcBest

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.