ArcBest Co. (NASDAQ:ARCB) Shares Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio boosted its stake in ArcBest Co. (NASDAQ:ARCB) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,124 shares of the transportation company’s stock after buying an additional 2,403 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.15% of ArcBest worth $3,701,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Intech Investment Management LLC raised its stake in shares of ArcBest by 92.3% in the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock valued at $1,166,000 after acquiring an additional 5,161 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in ArcBest by 16.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock valued at $12,653,000 after purchasing an additional 16,103 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ArcBest by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after purchasing an additional 21,905 shares during the last quarter. Holocene Advisors LP purchased a new stake in ArcBest in the third quarter valued at approximately $808,000. Finally, Partners Group Holding AG lifted its stake in ArcBest by 51.5% during the third quarter. Partners Group Holding AG now owns 87,842 shares of the transportation company’s stock worth $9,526,000 after purchasing an additional 29,849 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Performance

Shares of ARCB stock opened at $108.57 on Monday. ArcBest Co. has a 12 month low of $94.76 and a 12 month high of $153.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. The company has a market cap of $2.54 billion, a P/E ratio of 13.40, a PEG ratio of 2.56 and a beta of 1.49. The firm has a fifty day moving average price of $108.04 and a 200 day moving average price of $108.36.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $2.31 earnings per share. The company’s revenue was down 5.8% compared to the same quarter last year. Sell-side analysts predict that ArcBest Co. will post 6.06 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. ArcBest’s payout ratio is currently 5.93%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ARCB. UBS Group dropped their price objective on ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Bank of America cut their price target on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. reduced their price target on shares of ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group cut their target price on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $124.50.

Insider Transactions at ArcBest

In other news, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the sale, the director now owns 23,250 shares in the company, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael E. Newcity sold 10,443 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total value of $1,259,425.80. Following the completion of the sale, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.