Allspring Global Investments Holdings LLC Sells 8,768 Shares of ArcBest Co. (NASDAQ:ARCB)

Allspring Global Investments Holdings LLC reduced its position in shares of ArcBest Co. (NASDAQ:ARCB) by 18.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,520 shares of the transportation company’s stock after selling 8,768 shares during the period. Allspring Global Investments Holdings LLC owned 0.16% of ArcBest worth $4,069,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ARCB. Quarry LP raised its position in ArcBest by 120.7% in the second quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after acquiring an additional 134 shares during the period. Innealta Capital LLC bought a new stake in ArcBest in the second quarter worth about $33,000. Quest Partners LLC bought a new stake in ArcBest in the second quarter worth about $36,000. Cultivar Capital Inc. bought a new stake in shares of ArcBest in the second quarter valued at approximately $43,000. Finally, Mather Group LLC. bought a new stake in shares of ArcBest in the second quarter valued at approximately $46,000. Institutional investors own 99.27% of the company’s stock.

Insiders Place Their Bets

In other ArcBest news, Director Salvatore A. Abbate bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the acquisition, the director now owns 3,650 shares in the company, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ARCB has been the topic of several research reports. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price target on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Stifel Nicolaus reduced their price objective on shares of ArcBest from $131.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcBest has a consensus rating of “Hold” and an average price target of $126.92.

ArcBest Stock Up 2.1 %

NASDAQ:ARCB opened at $105.94 on Tuesday. The firm’s 50-day moving average price is $105.10 and its 200-day moving average price is $111.48. The company has a market capitalization of $2.48 billion, a PE ratio of 21.38, a P/E/G ratio of 1.28 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.19 and a quick ratio of 1.19. ArcBest Co. has a 1-year low of $94.76 and a 1-year high of $153.60.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the business earned $1.54 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. On average, equities analysts predict that ArcBest Co. will post 7.06 EPS for the current fiscal year.

ArcBest Company 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.