VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.37 Million in ArcBest Corporation $ARCB

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in ArcBest Corporation (NASDAQ:ARCB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 16,500 shares of the transportation company’s stock, valued at approximately $2,368,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.07% of ArcBest as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. C M Bidwell & Associates Ltd. purchased a new stake in ArcBest in the 2nd quarter valued at about $74,000. Nykredit A S purchased a new position in shares of ArcBest during the 2nd quarter worth about $75,000. Federated Hermes Inc. lifted its holdings in shares of ArcBest by 126.6% during the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after acquiring an additional 567 shares during the period. Hantz Financial Services Inc. boosted its position in shares of ArcBest by 507.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after acquiring an additional 934 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of ArcBest in the second quarter worth approximately $85,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 in the company, valued at approximately $3,400,040. This represents a 20.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Judy R. Mcreynolds sold 2,857 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the sale, the director directly owned 50,048 shares of the company’s stock, valued at $6,955,671.04. The trade was a 5.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,963 shares of company stock worth $1,678,066 in the last quarter. Insiders own 0.98% of the company’s stock.

ArcBest Trading Down 0.9%

Shares of ARCB opened at $134.97 on Friday. ArcBest Corporation has a 12 month low of $59.43 and a 12 month high of $176.69. The stock’s 50-day moving average is $143.40 and its two-hundred day moving average is $128.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $3.02 billion, a PE ratio of 195.61, a P/E/G ratio of 0.44 and a beta of 1.55.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.36 earnings per share. Equities analysts forecast that ArcBest Corporation will post 6.95 earnings per share for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.48 annualized dividend and a yield of 0.4%. ArcBest’s dividend payout ratio (DPR) is 69.57%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ARCB. Morgan Stanley upped their price target on shares of ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Bank of America boosted their price objective on shares of ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Stifel Nicolaus upped their price objective on ArcBest from $134.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Citizens Jmp began coverage on ArcBest in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $180.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.23.

ArcBest Profile

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.