The Goldman Sachs Group Cuts ArcBest (NASDAQ:ARCB) Price Target to $125.00

ArcBest (NASDAQ:ARCB) had its price target decreased by The Goldman Sachs Group from $133.00 to $125.00 in a research report released on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the transportation company’s stock.

Other research analysts also recently issued reports about the company. TD Cowen cut their target price on ArcBest from $136.00 to $131.00 and set a buy rating on the stock in a report on Thursday, September 5th. StockNews.com raised ArcBest from a hold rating to a buy rating in a report on Thursday, October 3rd. Citigroup started coverage on ArcBest in a report on Wednesday. They set a neutral rating and a $111.00 target price on the stock. Wells Fargo & Company lowered ArcBest from an overweight rating to an equal weight rating and lowered their price objective for the stock from $122.00 to $112.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. lowered their price objective on ArcBest from $134.00 to $133.00 and set a neutral rating for the company in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $129.33.

ArcBest Trading Up 4.3 %

NASDAQ ARCB opened at $105.95 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest has a twelve month low of $86.93 and a twelve month high of $153.60. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 21.32, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. The business’s fifty day moving average is $105.55 and its 200 day moving average is $114.61.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.54 earnings per share. As a group, sell-side analysts expect that ArcBest will post 7.06 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Insider Activity at ArcBest

In other news, Director Salvatore A. Abbate bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $103.93 per share, with a total value of $103,930.00. Following the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

A number of hedge funds have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. boosted its stake in ArcBest by 34.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after purchasing an additional 150,467 shares during the last quarter. American Century Companies Inc. boosted its stake in ArcBest by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after purchasing an additional 20,115 shares during the last quarter. Marshall Wace LLP boosted its stake in ArcBest by 158.7% during the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after purchasing an additional 117,774 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in ArcBest by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock valued at $16,141,000 after purchasing an additional 1,214 shares during 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.