State of Tennessee Treasury Department Has $682,000 Position in ArcBest Corp (ARCB)

State of Tennessee Treasury Department lowered its stake in shares of ArcBest Corp (NASDAQ:ARCB) by 9.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,077 shares of the transportation company’s stock after selling 2,077 shares during the quarter. State of Tennessee Treasury Department owned about 0.07% of ArcBest worth $682,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Eagle Boston Investment Management Inc. boosted its holdings in shares of ArcBest by 10.4% in the 3rd quarter. Eagle Boston Investment Management Inc. now owns 330,904 shares of the transportation company’s stock valued at $11,267,000 after purchasing an additional 31,060 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of ArcBest by 3.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 323,068 shares of the transportation company’s stock valued at $11,550,000 after purchasing an additional 11,611 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of ArcBest by 80.6% in the 4th quarter. Acadian Asset Management LLC now owns 227,651 shares of the transportation company’s stock valued at $8,139,000 after purchasing an additional 101,593 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of ArcBest by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 193,857 shares of the transportation company’s stock valued at $6,485,000 after purchasing an additional 11,101 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of ArcBest by 47.9% in the 3rd quarter. First Trust Advisors LP now owns 119,588 shares of the transportation company’s stock valued at $4,000,000 after purchasing an additional 38,743 shares in the last quarter. 88.61% of the stock is currently owned by institutional investors and hedge funds.

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ARCB has been the topic of a number of research analyst reports. ValuEngine raised ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, March 10th. Zacks Investment Research raised ArcBest from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Tuesday, January 16th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $32.00 target price (up previously from $23.00) on shares of ArcBest in a report on Wednesday, February 21st. BidaskClub raised ArcBest from a “sell” rating to a “hold” rating in a report on Wednesday, March 14th. Finally, Stifel Nicolaus raised ArcBest from a “sell” rating to a “hold” rating and reduced their target price for the company from $35.00 to $32.00 in a report on Monday, April 2nd. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. ArcBest presently has an average rating of “Hold” and an average target price of $34.50.

Shares of ARCB traded down $1.80 during trading hours on Friday, reaching $31.95. The stock had a trading volume of 241,501 shares, compared to its average volume of 262,443. ArcBest Corp has a 12 month low of $16.95 and a 12 month high of $39.70. The stock has a market capitalization of $819.26, a price-to-earnings ratio of 24.02 and a beta of 1.76. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.30 and a current ratio of 1.30.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, January 31st. The transportation company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.07. ArcBest had a return on equity of 5.82% and a net margin of 2.11%. The company had revenue of $710.72 million during the quarter, compared to analysts’ expectations of $723.69 million. During the same period in the prior year, the company earned $0.28 EPS. ArcBest’s revenue was up 3.3% compared to the same quarter last year. equities analysts forecast that ArcBest Corp will post 2.3 EPS for the current year.

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About ArcBest

ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).

Institutional Ownership by Quarter for ArcBest (NASDAQ:ARCB)

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