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

ArcBest (NASDAQ:ARCB) had its target price reduced by research analysts at The Goldman Sachs Group from $126.00 to $108.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the transportation company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 47.24% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company dropped their price objective on ArcBest from $105.00 to $96.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Stephens reaffirmed an “overweight” rating and set a $116.00 price objective on shares of ArcBest in a report on Tuesday, March 11th. Bank of America dropped their price objective on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a report on Wednesday. Citigroup lowered their target price on ArcBest from $103.00 to $83.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, UBS Group lowered their target price on ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $108.33.

ArcBest Price Performance

ArcBest stock opened at $73.35 on Friday. ArcBest has a 12 month low of $70.96 and a 12 month high of $153.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The business has a 50 day simple moving average of $90.03 and a 200-day simple moving average of $99.98. The stock has a market capitalization of $1.70 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data 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 return on equity of 11.79% and a net margin of 4.16%. During the same quarter last year, the firm earned $2.47 EPS. Equities analysts predict that ArcBest will post 7 earnings per share for the current year.

Insider Activity

In related news, CFO John Matthew Beasley bought 700 shares of the stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the purchase, the chief financial officer now owns 8,142 shares in the company, valued at $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of ArcBest by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company’s stock valued at $258,601,000 after buying an additional 20,665 shares in the last quarter. Alliancebernstein L.P. grew 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 purchasing an additional 220,325 shares in the last quarter. State Street Corp grew its stake in ArcBest by 1.9% during the 3rd quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after purchasing an additional 17,542 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in ArcBest by 2.6% during the 4th quarter. Westwood Holdings Group Inc. now owns 635,858 shares of the transportation company’s stock valued at $59,338,000 after purchasing an additional 16,239 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in ArcBest by 16.3% during the 4th quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after purchasing an additional 86,867 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

ArcBest Company Profile

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.