abrdn plc Sells 55,072 Shares of ArcBest Co. (NASDAQ:ARCB)

abrdn plc trimmed its position in ArcBest Co. (NASDAQ:ARCB) by 23.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 182,965 shares of the transportation company’s stock after selling 55,072 shares during the period. abrdn plc owned 0.77% of ArcBest worth $21,994,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. UBS Group boosted their price target on shares of ArcBest from $119.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. cut their price target on shares of ArcBest from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of ArcBest in a research note on Monday, January 29th. They issued a “buy” rating and a $148.00 price target for the company. Finally, Morgan Stanley boosted their price target on shares of ArcBest from $155.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest presently has a consensus rating of “Moderate Buy” and a consensus price target of $151.54.

ArcBest Trading Up 4.6 %

ARCB opened at $145.95 on Wednesday. The business has a 50 day simple moving average of $140.51 and a two-hundred day simple moving average of $124.72. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 0.59 and a beta of 1.49. 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 one year low of $82.18 and a one year high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Tuesday, February 6th. The transportation company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.22 by $0.25. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.09 billion. ArcBest had a return on equity of 15.91% and a net margin of 4.41%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.45 earnings per share. Analysts predict that ArcBest Co. will post 10.05 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were given a $0.12 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.33%. ArcBest’s dividend payout ratio is currently 6.07%.

Insider Buying and Selling

In other ArcBest news, insider Erin K. Gattis sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $141.58, for a total transaction of $283,160.00. Following the completion of the sale, the insider now directly owns 32,247 shares in the company, valued at approximately $4,565,530.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.18% of the stock is currently owned by company insiders.

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.