The Goldman Sachs Group Lowers ArcBest (NASDAQ:ARCB) Price Target to $84.00

ArcBest (NASDAQ:ARCB) had its price objective dropped by research analysts at The Goldman Sachs Group from $97.00 to $84.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 45.30% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company decreased their target price on ArcBest from $80.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Citigroup decreased their price target on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. UBS Group lowered their price objective on shares of ArcBest from $100.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday. Stifel Nicolaus cut their target price on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Truist Financial dropped their price target on ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus target price of $88.75.

ArcBest Stock Performance

Shares of ArcBest stock opened at $57.81 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.34 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.62. The company has a 50 day moving average of $68.52 and a 200-day moving average of $90.28. ArcBest has a 1-year low of $55.19 and a 1-year high of $129.83.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The business had revenue of $967.08 million for the quarter, compared to the consensus estimate of $990.03 million. During the same quarter in the previous year, the company earned $1.34 earnings per share. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, equities research 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 purchased 700 shares of ArcBest stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.28% of the stock is owned by insiders.

Hedge Funds Weigh In On ArcBest

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock worth $4,678,000 after acquiring an additional 33,386 shares during the period. Virtu Financial LLC bought a new stake in ArcBest during the 3rd quarter valued at $485,000. JPMorgan Chase & Co. grew its position in shares of ArcBest by 24.6% in the third quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock valued at $24,022,000 after purchasing an additional 43,707 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of ArcBest during the fourth quarter valued at about $375,000. Finally, Lake Hills Wealth Management LLC purchased a new stake in shares of ArcBest in the fourth quarter worth about $414,000. 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.