The Goldman Sachs Group Cuts ArcBest (NASDAQ:ARCB) Price Target to $97.00

ArcBest (NASDAQ:ARCB) had its price target reduced by The Goldman Sachs Group from $108.00 to $97.00 in a research note released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the transportation company’s stock.

ARCB has been the topic of several other research reports. Bank of America cut their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 12th. Stifel Nicolaus increased their price objective on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Truist Financial began coverage on shares of ArcBest in a research note on Thursday, March 13th. They set a “buy” rating and a $93.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of ArcBest from $96.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, Stephens reiterated an “overweight” rating and set a $116.00 price objective on shares of ArcBest in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.75.

ArcBest Trading Down 1.7 %

NASDAQ ARCB opened at $62.32 on Thursday. The stock has a market cap of $1.44 billion, a P/E ratio of 8.50, a P/E/G ratio of 1.70 and a beta of 1.62. The stock’s fifty day moving average price is $77.56 and its 200-day moving average price is $94.45. ArcBest has a 12 month low of $57.80 and a 12 month high of $151.54. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 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 quarter in the previous year, the firm earned $2.47 EPS. As a group, equities analysts forecast that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Stockholders of record on Tuesday, February 11th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Tuesday, February 11th. ArcBest’s dividend payout ratio (DPR) is currently 6.55%.

Insider Activity at ArcBest

In related news, CFO John Matthew Beasley acquired 700 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the acquisition, the chief financial officer now owns 8,142 shares in the company, valued at approximately $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 is available at the SEC website. 1.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ARCB. State Street Corp raised its stake in shares of 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 in the last quarter. JPMorgan Chase & Co. grew its stake in ArcBest by 24.6% during the third quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock worth $24,022,000 after buying an additional 43,707 shares during the last quarter. Barclays PLC increased its holdings in ArcBest by 342.5% during the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of ArcBest by 6.0% in the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after buying an additional 13,152 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its position in ArcBest by 7.4% in the 4th quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company’s stock valued at $419,000 after acquiring an additional 306 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.