State of New Jersey Common Pension Fund D Lowers Position in ArcBest Co. (NASDAQ:ARCB)

State of New Jersey Common Pension Fund D decreased its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 12.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,313 shares of the transportation company’s stock after selling 2,671 shares during the period. State of New Jersey Common Pension Fund D owned about 0.08% of ArcBest worth $1,961,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Contravisory Investment Management Inc. boosted its holdings in ArcBest by 70.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of ArcBest by 49.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Innealta Capital LLC purchased a new position in ArcBest during the second quarter worth about $33,000. Quest Partners LLC bought a new stake in ArcBest in the 2nd quarter worth about $36,000. Finally, Parallel Advisors LLC increased its stake in ArcBest by 45.8% in the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after buying an additional 114 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $109.85 on Friday. The firm has a market capitalization of $2.57 billion, a PE ratio of 22.10, a P/E/G ratio of 1.22 and a beta of 1.46. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $109.86 and a two-hundred day moving average price of $117.63. ArcBest Co. has a twelve month low of $86.93 and a twelve month high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business posted $1.54 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Equities analysts forecast that ArcBest Co. will post 7.21 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is currently 9.66%.

Analysts Set New Price Targets

ARCB has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Monday, July 8th. Bank of America cut their price objective on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. TD Cowen reduced their price objective on ArcBest from $136.00 to $131.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Stephens restated an “overweight” rating and set a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, ArcBest has an average rating of “Moderate Buy” and a consensus price target of $133.18.

Insider Activity

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.65% of the stock is owned by company insiders.

ArcBest Profile

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.