ArcBest Corporation $ARCB Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its position in ArcBest Corporation (NASDAQ:ARCB) by 37.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,354 shares of the transportation company’s stock after purchasing an additional 8,225 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.13% of ArcBest worth $2,338,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in ArcBest in the 1st quarter valued at $18,460,000. Westwood Holdings Group Inc. increased its position in shares of ArcBest by 36.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after purchasing an additional 233,409 shares during the last quarter. Ancora Advisors LLC increased its position in shares of ArcBest by 1,812.9% during the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after purchasing an additional 193,892 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of ArcBest during the 1st quarter worth about $9,202,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 104,643 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ARCB. Weiss Ratings restated a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Wells Fargo & Company reduced their price target on ArcBest from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 31st. Citigroup raised ArcBest from a “neutral” rating to a “buy” rating and increased their price target for the company from $79.00 to $89.00 in a research report on Wednesday, October 8th. Stifel Nicolaus raised their target price on ArcBest from $81.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, UBS Group raised their target price on ArcBest from $73.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 30th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $90.33.

ArcBest Price Performance

Shares of NASDAQ ARCB opened at $73.36 on Wednesday. The firm has a market capitalization of $1.67 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.39 and a beta of 1.66. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25. The stock’s 50-day simple moving average is $72.47 and its 200-day simple moving average is $70.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.12). The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $1.98 EPS. As a group, equities research analysts forecast that ArcBest Corporation will post 7 EPS for the current fiscal year.

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.