Bridgeway Capital Management LLC Acquires New Shares in ArcBest Corporation $ARCB

Key Points

• Bridgeway Capital Management LLC acquired a new position in ArcBest Corporation, purchasing 76,116 shares valued at approximately $5.37 million, bringing their ownership to 0.33% of the company.
• ArcBest's stock has seen various analyst upgrades, with price targets raised by multiple firms, including Citigroup and JPMorgan Chase, reflecting a consensus target of $90.00.
• The company reported a net revenue decline of 5.1% year-over-year, with earnings per share of $1.36 for its latest quarter, missing estimates by $0.12.

Bridgeway Capital Management LLC purchased a new position in ArcBest Corporation (NASDAQ:ARCB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 76,116 shares of the transportation company's stock, valued at approximately $5,372,000. Bridgeway Capital Management LLC owned 0.33% of ArcBest as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Alliancebernstein L.P. increased its position in ArcBest by 3.6% during the first quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company's stock valued at $188,056,000 after acquiring an additional 92,514 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of ArcBest by 36.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after purchasing an additional 233,409 shares during the last quarter. American Century Companies Inc. boosted its holdings in ArcBest by 11.5% in the first quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company's stock worth $48,693,000 after acquiring an additional 70,976 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of ArcBest by 2.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company's stock valued at $30,838,000 after buying an additional 10,766 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in ArcBest by 0.4% in the 1st quarter. Northern Trust Corp now owns 401,549 shares of the transportation company's stock worth $28,341,000 after acquiring an additional 1,544 shares in the last quarter. Hedge funds and other institutional investors own 99.27% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on ARCB shares. Citigroup reduced their price objective on shares of ArcBest from $83.00 to $79.00 and set a "neutral" rating for the company in a research report on Wednesday. Stifel Nicolaus decreased their price target on ArcBest from $93.00 to $81.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Zacks Research raised shares of ArcBest to a "strong sell" rating in a research note on Monday, August 11th. Bank of America raised shares of ArcBest from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. Finally, Wells Fargo & Company cut their price objective on shares of ArcBest from $90.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ArcBest presently has an average rating of "Hold" and an average price target of $89.17.

ArcBest Stock Performance

Shares of ARCB traded down $0.79 during mid-day trading on Wednesday, hitting $70.73. 53,353 shares of the company's stock were exchanged, compared to its average volume of 366,003. The business's 50 day moving average is $76.67 and its two-hundred day moving average is $71.01. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $1.61 billion, a P/E ratio of 10.56, a P/E/G ratio of 0.87 and a beta of 1.69. ArcBest Corporation has a fifty-two week low of $55.19 and a fifty-two week high of $123.25.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company earned $1.98 EPS. The company's revenue was down 5.1% compared to the same quarter last year. On average, equities analysts expect that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest's dividend payout ratio (DPR) is presently 7.14%.

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.