The Goldman Sachs Group Issues Pessimistic Forecast for ArcBest (NASDAQ:ARCB) Stock Price

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

ARCB has been the subject of several other reports. Truist Financial started coverage on ArcBest in a research note on Thursday. They issued a “buy” rating and a $93.00 price objective for the company. Wells Fargo & Company dropped their price objective on ArcBest from $105.00 to $96.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. UBS Group dropped their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Bank of America dropped their price objective on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research note on Wednesday. Finally, 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $108.33.

ArcBest Stock Performance

Shares of ARCB stock opened at $73.35 on Friday. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 10.01, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54. The stock has a 50 day simple moving average of $90.03 and a 200-day simple moving average of $100.02. ArcBest has a 12-month low of $70.96 and a 12-month high of $153.61. 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 earnings per share 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 company posted $2.47 earnings per share. On average, equities analysts forecast that ArcBest will post 7 EPS for the current year.

ArcBest Announces Dividend

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

Insider Transactions at ArcBest

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at $609,754.38. This trade represents a 9.41 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.65% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Several hedge funds have recently made changes to their positions in ARCB. Alliancebernstein L.P. boosted its holdings in shares of ArcBest by 9.4% during the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock worth $240,011,000 after purchasing an additional 220,325 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of ArcBest by 47.2% in 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 during the period. American Century Companies Inc. raised its position in shares of ArcBest by 16.3% in 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 during the period. Eisler Capital Management Ltd. purchased a new position in shares of ArcBest in the 4th quarter worth $7,695,000. Finally, Norges Bank purchased a new position in shares of ArcBest in the 4th quarter worth $5,826,000. 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.