The Goldman Sachs Group Cuts ArcBest (NASDAQ:ARCB) Price Target to $108.00

ArcBest (NASDAQ:ARCB) had its price objective trimmed by The Goldman Sachs Group from $126.00 to $108.00 in a report released on Friday,Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

Other equities analysts have also issued reports about the stock. Truist Financial assumed coverage on shares of ArcBest in a research note on Thursday. They issued a “buy” rating and a $93.00 target price for the company. UBS Group reduced their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Stifel Nicolaus upped their target price on shares of ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Finally, Bank of America reduced their price objective on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research note on Wednesday, March 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $108.33.

ArcBest Price Performance

ARCB opened at $73.35 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest has a 12 month low of $70.96 and a 12 month high of $153.61. The company has a fifty day simple moving average of $90.03 and a 200 day simple moving average of $99.94. The stock has a market cap of $1.70 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, topping 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 firm posted $2.47 earnings per share. On average, research analysts expect that ArcBest will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.48 annualized dividend and a yield of 0.65%. ArcBest’s dividend payout ratio (DPR) is currently 6.55%.

Insider Activity at ArcBest

In other news, CFO John Matthew Beasley bought 700 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This trade represents a 9.41 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ArcBest

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in ArcBest by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after acquiring an additional 20,665 shares during the period. Alliancebernstein L.P. raised its holdings in ArcBest by 9.4% in the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after acquiring an additional 220,325 shares during the period. State Street Corp raised its holdings in ArcBest by 1.9% in the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after acquiring an additional 17,542 shares during the period. Westwood Holdings Group Inc. raised its holdings in ArcBest by 2.6% in the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after acquiring an additional 16,239 shares during the period. Finally, American Century Companies Inc. raised its holdings in ArcBest by 16.3% in the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after acquiring an additional 86,867 shares during the period. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.