Bridgeway Capital Management LLC Invests $5.37 Million in ArcBest Corporation $ARCB

Bridgeway Capital Management LLC purchased a new position in ArcBest Corporation (NASDAQ:ARCB) in the first quarter, HoldingsChannel reports. The firm purchased 76,116 shares of the transportation company’s stock, valued at approximately $5,372,000.

Other institutional investors also recently made changes to their positions in the company. Signaturefd LLC lifted its stake in ArcBest by 477.6% during the first quarter. Signaturefd LLC now owns 387 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 320 shares during the last quarter. CWM LLC lifted its position in shares of ArcBest by 338.8% in the 1st quarter. CWM LLC now owns 452 shares of the transportation company’s stock valued at $32,000 after acquiring an additional 349 shares in the last quarter. Curat Global LLC purchased a new stake in shares of ArcBest in the 1st quarter valued at approximately $82,000. GAMMA Investing LLC lifted its position in shares of ArcBest by 185.3% in the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 932 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of ArcBest in the 1st quarter valued at approximately $143,000. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Stock Performance

Shares of ARCB opened at $74.43 on Friday. The company’s fifty day moving average is $76.90 and its 200-day moving average is $71.48. ArcBest Corporation has a 12 month low of $55.19 and a 12 month high of $123.25. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 11.08, a price-to-earnings-growth ratio of 0.84 and a beta of 1.69. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company earned $1.98 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities analysts expect that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, August 8th. ArcBest’s dividend payout ratio is currently 7.14%.

Analysts Set New Price Targets

Several brokerages recently commented on ARCB. Bank of America upgraded shares of ArcBest from an “underperform” rating to a “neutral” rating and upped their price target for the company from $63.00 to $74.00 in a research report on Tuesday, June 10th. Citigroup upped their price objective on shares of ArcBest from $67.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 9th. UBS Group dropped their price objective on shares of ArcBest from $84.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, July 31st. Zacks Research upgraded shares of ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Finally, Wells Fargo & Company dropped 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 note on Thursday, July 31st. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $90.00.

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.