ArcBest Corporation $ARCB Stock: State of Alaska Department of Revenue Cuts Position

State of Alaska Department of Revenue lessened its stake in ArcBest Corporation (NASDAQ:ARCB) by 46.5% in the third quarter, HoldingsChannel.com reports. The firm owned 4,608 shares of the transportation company’s stock after selling 4,012 shares during the quarter. State of Alaska Department of Revenue’s holdings in ArcBest were worth $586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in ArcBest during the second quarter worth about $503,476,000. Dimensional Fund Advisors LP increased its holdings in ArcBest by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after buying an additional 47,848 shares in the last quarter. Maple Rock Capital Partners Inc. increased its holdings in ArcBest by 32.5% in the second quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company’s stock valued at $76,901,000 after buying an additional 131,400 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in ArcBest in the second quarter valued at about $27,281,000. Finally, Empowered Funds LLC purchased a new position in ArcBest in the second quarter valued at about $20,787,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ARCB shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research report on Tuesday, August 25th. Stephens upgraded ArcBest to a “strong-buy” rating in a report on Wednesday, July 8th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $172.00 price objective on shares of ArcBest in a research note on Wednesday, July 29th. Zacks Research downgraded ArcBest from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Finally, Citizens Jmp began coverage on ArcBest in a report on Wednesday, July 15th. They set a “market outperform” rating and a $180.00 price objective for the company. One research 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $153.15.

Insider Activity

In other news, Director Judy McReynolds sold 2,857 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the sale, the director directly owned 50,048 shares in the company, valued at $6,955,671.04. This represents a 5.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jason Parks sold 855 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $135.09, for a total value of $115,501.95. Following the sale, the vice president directly owned 3,794 shares in the company, valued at approximately $512,531.46. The trade was a 18.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,818 shares of company stock worth $1,793,568 over the last three months. 0.98% of the stock is currently owned by corporate insiders.

ArcBest Price Performance

ARCB stock opened at $127.01 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 quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50 day moving average price is $132.93 and its 200 day moving average price is $135.49. The firm has a market cap of $2.84 billion, a P/E ratio of 28.83, a PEG ratio of 0.39 and a beta of 1.70.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.12. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. ArcBest had a return on equity of 7.92% and a net margin of 0.39%. ArcBest’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 earnings per share. On average, sell-side analysts expect that ArcBest Corporation will post 7.06 earnings per share for the current fiscal year.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a multibillion-dollar logistics company headquartered in Fort Smith, Arkansas. The company provides freight transportation and supply chain solutions through a combination of asset-based and asset-light operations, serving businesses across North America and supporting select international shipping needs.

Its asset-based business is led by ABF Freight, a less-than-truckload carrier that transports palletized and industrial freight. ArcBest also offers expedited transportation, truckload and brokerage services, intermodal transportation, managed transportation, warehouse and distribution support, and supply chain consulting.