Corebridge Financial Inc. Sells 988 Shares of ArcBest Co. (NASDAQ:ARCB)

Corebridge Financial Inc. lowered its stake in shares of ArcBest Co. (NASDAQ:ARCB) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,531 shares of the transportation company’s stock after selling 988 shares during the quarter. Corebridge Financial Inc.’s holdings in ArcBest were worth $1,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. American Century Companies Inc. grew its stake in shares of ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock worth $57,758,000 after acquiring an additional 86,867 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in ArcBest by 24.6% during the third quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock worth $24,022,000 after purchasing an additional 43,707 shares during the last quarter. Barclays PLC grew its position in ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock worth $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ArcBest by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock worth $258,601,000 after buying an additional 20,665 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of ArcBest by 1.9% in the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock worth $103,831,000 after buying an additional 17,542 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. UBS Group decreased their price target on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Bank of America lowered their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 12th. The Goldman Sachs Group reduced their price target on shares of ArcBest from $126.00 to $108.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Stephens reaffirmed an “overweight” rating and issued a $116.00 price objective on shares of ArcBest in a research report on Tuesday, March 11th. Finally, Citigroup reduced their target price on shares of ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and an average target price of $107.00.

ArcBest Stock Performance

Shares of ARCB opened at $63.63 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.01. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 8.68, a price-to-earnings-growth ratio of 1.70 and a beta of 1.55. ArcBest Co. has a 52-week low of $57.80 and a 52-week high of $153.61. The stock’s 50-day simple moving average is $81.99 and its 200 day simple moving average is $96.75.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period last year, the company earned $2.47 earnings per share. Research analysts forecast that ArcBest Co. will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were issued a $0.12 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.48 annualized dividend and a dividend yield of 0.75%. ArcBest’s payout ratio is currently 6.55%.

Insider Buying and Selling

In other ArcBest news, CFO John Matthew Beasley purchased 700 shares of the stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $74.89 per share, with a total value of $52,423.00. Following the acquisition, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. The trade was a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.28% of the stock is currently owned by company insiders.

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.