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

ArcBest (NASDAQ:ARCB) had its price target lowered by analysts at The Goldman Sachs Group from $126.00 to $108.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 45.97% from the company’s current price.

ARCB has been the subject of several other reports. Citigroup cut their target price on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research note on Tuesday. UBS Group reduced their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Truist Financial began coverage on ArcBest in a research note on Thursday. They set a “buy” rating and a $93.00 target price for the company. Morgan Stanley reduced their price target on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Bank of America dropped their price target on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, ArcBest presently has an average rating of “Hold” and an average target price of $108.33.

ArcBest Stock Up 1.3 %

Shares of NASDAQ:ARCB traded up $0.96 during midday trading on Friday, hitting $73.99. The stock had a trading volume of 181,583 shares, compared to its average volume of 284,422. The company has a market cap of $1.71 billion, a P/E ratio of 10.08, a PEG ratio of 1.70 and a beta of 1.54. The business’s 50-day simple moving average is $90.45 and its 200-day simple moving average is $100.27. ArcBest has a 12 month low of $70.96 and a 12 month 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.

ArcBest (NASDAQ:ARCB) last issued 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 net margin of 4.16% and a return on equity of 11.79%. During the same period last year, the firm earned $2.47 EPS. On average, sell-side analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO John Matthew Beasley bought 700 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARCB. Alliancebernstein L.P. boosted its stake in ArcBest by 9.4% in the fourth quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock worth $240,011,000 after buying an additional 220,325 shares in the last quarter. JPMorgan Chase & Co. boosted its stake 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 valued at $30,423,000 after purchasing an additional 104,499 shares in the last quarter. American Century Companies Inc. boosted its position in ArcBest by 16.3% during the fourth quarter. American Century Companies Inc. now owns 618,919 shares of the transportation company’s stock valued at $57,758,000 after buying an additional 86,867 shares during the period. Eisler Capital Management Ltd. bought a new position in ArcBest during the 4th quarter worth approximately $7,695,000. Finally, Norges Bank purchased a new position in shares of ArcBest in the fourth quarter valued at about $5,826,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

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.