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

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in ArcBest Corporation (NASDAQ:ARCB) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 16,500 shares of the transportation company’s stock, valued at approximately $2,368,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quantinno Capital Management LP grew its position in shares of ArcBest by 101.9% in the 1st quarter. Quantinno Capital Management LP now owns 20,827 shares of the transportation company’s stock worth $2,049,000 after acquiring an additional 10,511 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of ArcBest during the 2nd quarter valued at approximately $503,476,000. Walleye Capital LLC acquired a new stake in shares of ArcBest during the 1st quarter valued at approximately $2,579,000. Northwestern Mutual Wealth Management Co. lifted its stake in ArcBest by 19,008.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 122,292 shares of the transportation company’s stock worth $9,073,000 after purchasing an additional 121,652 shares during the last quarter. Finally, Pullen Investment Management LLC bought a new position in ArcBest during the first quarter worth $2,826,000. 99.27% of the stock is owned by institutional investors.

Insider Activity

In other ArcBest news, Director Judy McReynolds sold 2,857 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the transaction, 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. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erin Gattis sold 6,163 shares of the company’s stock in a transaction dated 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 owned 24,286 shares of the company’s stock, valued at approximately $3,400,040. This trade represents a 20.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 11,963 shares of company stock worth $1,678,066. 0.98% of the stock is currently owned by insiders.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $134.97 on Friday. 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 0.97 and a quick ratio of 0.97. The business’s fifty day moving average price is $143.40 and its two-hundred day moving average price is $128.18. The firm has a market capitalization 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. ArcBest had a return on equity of 7.92% and a net margin of 0.39%.The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the business posted $1.36 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts expect that ArcBest Corporation will post 6.95 EPS for the current year.

ArcBest Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of ArcBest from $134.00 to $176.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Truist Financial raised their price target on shares of ArcBest from $145.00 to $165.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Citizens Jmp initiated coverage on shares of ArcBest in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $180.00 price target for the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $172.00 price objective on shares of ArcBest in a research report on Wednesday, July 29th. Finally, Bank of America increased their price objective on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, ArcBest has an average rating of “Moderate Buy” and a consensus target price of $154.23.

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.