Bessemer Group Inc. Buys 20,073 Shares of ArcBest Corporation $ARCB

Key Points

• Bessemer Group Inc. increased its ArcBest stake by 44.7% in the first quarter, buying 20,073 additional shares and bringing its holdings to 64,931 shares worth about $6.39 million.
• ArcBest is seeing bullish analyst and earnings sentiment, with rising earnings estimate revisions and multiple firms raising price targets, including Truist and Goldman Sachs to $165.
• The company reported better-than-expected quarterly EPS of $0.32 versus $0.27 expected, and it recently paid a quarterly dividend of $0.12 per share, while also announcing brand consolidation and cost-cutting measures aimed at improving efficiency.

Bessemer Group Inc. increased its stake in shares of ArcBest Corporation (NASDAQ:ARCB - Free Report) by 44.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,931 shares of the transportation company's stock after purchasing an additional 20,073 shares during the quarter. Bessemer Group Inc. owned approximately 0.29% of ArcBest worth $6,387,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ARCB. Vanguard Group Inc. raised its holdings in ArcBest by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company's stock worth $181,852,000 after purchasing an additional 6,808 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of ArcBest by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,349,439 shares of the transportation company's stock worth $100,117,000 after buying an additional 7,816 shares during the last quarter. Invesco Ltd. grew its position in shares of ArcBest by 625.4% in the 4th quarter. Invesco Ltd. now owns 920,498 shares of the transportation company's stock worth $68,292,000 after buying an additional 793,607 shares during the last quarter. Turtle Creek Asset Management Inc. bought a new position in shares of ArcBest during the 3rd quarter worth approximately $39,508,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of ArcBest by 4.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company's stock worth $36,394,000 after acquiring an additional 24,102 shares in the last quarter. Institutional investors own 99.27% of the company's stock.

Key Headlines Impacting ArcBest

Here are the key news stories impacting ArcBest this week:

• Positive Sentiment: Zacks said earnings estimate revisions for ArcBest are trending higher, which often supports a stronger stock price when analysts expect improving profitability. Earnings Estimates Rising for ArcBest (ARCB): Will It Gain?
• Positive Sentiment: Truist reportedly raised its price target on ArcBest to $165, and Citizens JMP initiated coverage, adding to the bullish analyst backdrop. ArcBest NASDAQ: ARCB Given New $165.00 Price Target at Truist Financial
• Positive Sentiment: ArcBest announced a simplified brand structure and operational streamlining, with MoLo Solutions, Panther Premium Logistics, and ArcBest Technologies consolidating under the ArcBest name, a move aimed at long-term growth and efficiency. ArcBest Simplifies Brand Structure and Streamlines Operations to Drive Long-Term Growth and Efficiency
• Positive Sentiment: The company also plans to reduce about 2% of its workforce and close 10 LTL terminals, which could lower costs and improve margins if execution goes well. ArcBest to Consolidate Brands, Cut About 2% of Workforce
• Neutral Sentiment: Momentum-focused coverage noted that ArcBest has gained about 5.34% over the past week, reinforcing recent trader interest but not adding a new fundamental catalyst. ArcBest (ARCB) Is Up 5.34% in One Week: What You Should Know
• Neutral Sentiment: Zacks also highlighted ArcBest as a fast-paced momentum stock that may still be reasonably valued, which supports the stock’s current trading interest. ArcBest (ARCB) Shows Fast-paced Momentum But Is Still a Bargain Stock

ArcBest Price Performance

ARCB stock opened at $159.81 on Monday. The stock has a market capitalization of $3.56 billion, a PE ratio of 65.77, a price-to-earnings-growth ratio of 0.66 and a beta of 1.57. ArcBest Corporation has a 52 week low of $59.43 and a 52 week high of $176.69. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $142.59 and a 200 day moving average of $114.88.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same quarter in the prior year, the business posted $0.51 EPS. ArcBest's revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that ArcBest Corporation will post 6.38 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. ArcBest's dividend payout ratio (DPR) is 19.75%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ARCB. Stifel Nicolaus raised their target price on shares of ArcBest from $116.00 to $134.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. The Goldman Sachs Group upped their price target on ArcBest from $117.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price objective on ArcBest from $117.00 to $147.00 and gave the company a "neutral" rating in a report on Monday, June 8th. Zacks Research raised ArcBest from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Finally, Truist Financial boosted their target price on ArcBest from $145.00 to $165.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, ArcBest currently has a consensus rating of "Moderate Buy" and an average price target of $151.85.

About ArcBest

ArcBest Corporation NASDAQ: ARCB is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company's asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.

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