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

ArcBest (NASDAQ:ARCB) had its price target reduced by The Goldman Sachs Group from $126.00 to $108.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Several other brokerages also recently weighed in on ARCB. Truist Financial began coverage on ArcBest in a report on Thursday. They set a “buy” rating and a $93.00 price target on the stock. Stifel Nicolaus upped their price objective on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Wells Fargo & Company lowered their price objective on ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Citigroup lowered their price objective on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, UBS Group lowered their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, ArcBest currently has an average rating of “Hold” and an average target price of $108.33.

ArcBest Price Performance

NASDAQ:ARCB opened at $73.35 on Friday. ArcBest has a 52 week low of $70.96 and a 52 week high of $153.61. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The company has a market capitalization 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. The stock’s fifty day moving average is $90.03 and its two-hundred day moving average is $100.02.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same period in the prior year, the firm posted $2.47 EPS. Equities analysts expect that ArcBest will post 7 EPS for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, February 11th. ArcBest’s dividend payout ratio is presently 6.55%.

Insider Buying and Selling at ArcBest

In related news, CFO John Matthew Beasley acquired 700 shares of ArcBest stock in a transaction on Thursday, March 13th. The stock was purchased at an average cost of $74.89 per share, with a total value of $52,423.00. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.65% of the stock is owned by company insiders.

Institutional Trading of ArcBest

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARCB. Alliancebernstein L.P. raised its stake in ArcBest by 9.4% during 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 last quarter. JPMorgan Chase & Co. raised its stake in shares of ArcBest by 47.2% during the 4th quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company’s stock worth $30,423,000 after buying an additional 104,499 shares in the last quarter. American Century Companies Inc. raised its stake in shares of ArcBest by 16.3% during the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock worth $57,758,000 after buying an additional 86,867 shares in the last quarter. Eisler Capital Management Ltd. purchased a new position in shares of ArcBest during the 4th quarter worth approximately $7,695,000. Finally, Norges Bank purchased a new position in shares of ArcBest during the 4th quarter worth approximately $5,826,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

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.