Louisiana State Employees Retirement System Makes New $974,000 Investment in ArcBest Corporation $ARCB

Louisiana State Employees Retirement System purchased a new stake in ArcBest Corporation (NASDAQ:ARCB) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,900 shares of the transportation company’s stock, valued at approximately $974,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ARCB. Invesco Ltd. raised its position in shares of ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock worth $68,292,000 after purchasing an additional 793,607 shares during the period. Turtle Creek Asset Management Inc. acquired a new position in shares of ArcBest in the 3rd quarter valued at $39,508,000. Principal Financial Group Inc. boosted its position in shares of ArcBest by 349.9% in the 4th quarter. Principal Financial Group Inc. now owns 493,780 shares of the transportation company’s stock valued at $36,634,000 after purchasing an additional 384,024 shares during the period. Ameriprise Financial Inc. increased its stake in ArcBest by 158.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in ArcBest in the 4th quarter worth about $20,402,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Stock Performance

Shares of ARCB opened at $139.67 on Monday. The company’s 50 day moving average price is $137.33 and its 200 day moving average price is $109.83. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The company has a market capitalization of $3.11 billion, a PE ratio of 57.48, a PEG ratio of 0.63 and a beta of 1.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.51 EPS. Research analysts expect that ArcBest Corporation will post 5.87 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, May 8th. ArcBest’s dividend payout ratio (DPR) is currently 19.75%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ARCB. TD Cowen upped their price objective on shares of ArcBest from $137.00 to $175.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. The Goldman Sachs Group boosted their price target on shares of ArcBest from $117.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their price target on shares of ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Wells Fargo & Company raised their price objective on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Finally, Wall Street Zen upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $145.42.

ArcBest Company 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.