State of New Jersey Common Pension Fund D Sells 2,617 Shares of ArcBest Co. (NASDAQ:ARCB)

State of New Jersey Common Pension Fund D decreased its holdings in shares of ArcBest Co. (NASDAQ:ARCB) by 11.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 20,984 shares of the transportation company’s stock after selling 2,617 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in ArcBest were worth $2,522,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Cooper Creek Partners Management LLC bought a new stake in ArcBest in the third quarter valued at about $29,108,000. Allspring Global Investments Holdings LLC lifted its holdings in ArcBest by 175.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 195,270 shares of the transportation company’s stock worth $19,849,000 after acquiring an additional 124,354 shares in the last quarter. Wellington Management Group LLP acquired a new position in ArcBest in the third quarter valued at about $10,561,000. Moody Aldrich Partners LLC bought a new stake in shares of ArcBest in the third quarter worth about $5,835,000. Finally, Ardsley Advisory Partners LP bought a new position in shares of ArcBest during the 3rd quarter valued at about $5,075,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

ARCB has been the topic of several research analyst reports. Stephens raised their target price on shares of ArcBest from $165.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Morgan Stanley lifted their price target on ArcBest from $155.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Friday, January 26th. TD Cowen cut their target price on ArcBest from $177.00 to $148.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of ArcBest in a research note on Monday, January 29th. They set a “buy” rating and a $148.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, ArcBest currently has an average rating of “Moderate Buy” and an average price target of $143.38.

ArcBest Stock Performance

Shares of NASDAQ:ARCB opened at $108.36 on Thursday. The company’s 50 day simple moving average is $138.58 and its 200 day simple moving average is $125.60. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.26 and a quick ratio of 1.26. ArcBest Co. has a 1 year low of $82.18 and a 1 year high of $153.60. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 0.56 and a beta of 1.49.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Tuesday, April 30th. The transportation company reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.19). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. ArcBest’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the firm posted $1.58 EPS. As a group, research analysts predict that ArcBest Co. will post 10.05 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be issued a $0.12 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. ArcBest’s payout ratio is presently 6.07%.

Insider Activity at ArcBest

In related news, insider Erin K. Gattis sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $141.58, for a total value of $283,160.00. Following the sale, the insider now directly owns 32,247 shares in the company, valued at $4,565,530.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.18% of the stock is owned by company insiders.

ArcBest Profile

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.