ArcBest (NASDAQ:ARCB) Stock Price Down 12.6% Following Analyst Downgrade

ArcBest Co. (NASDAQ:ARCB) was down 12.6% on Thursday after The Goldman Sachs Group lowered their price target on the stock from $108.00 to $97.00. The Goldman Sachs Group currently has a neutral rating on the stock. ArcBest traded as low as $62.16 and last traded at $62.73. Approximately 363,134 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 299,136 shares. The stock had previously closed at $71.76.

A number of other equities analysts also recently issued reports on ARCB. UBS Group lowered their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Jefferies Financial Group dropped their price target on shares of ArcBest from $120.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday. Stephens reiterated an “overweight” rating and set a $116.00 price objective on shares of ArcBest in a research report on Tuesday, March 11th. Morgan Stanley dropped their target price on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Truist Financial began coverage on ArcBest in a report on Thursday, March 13th. They set a “buy” rating and a $93.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ArcBest currently has an average rating of “Hold” and an average price target of $101.75.

Insider Activity at ArcBest

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were purchased 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 owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently made changes to their positions in the business. Alliancebernstein L.P. boosted its stake in ArcBest by 9.4% during the 4th quarter. Alliancebernstein L.P. now owns 2,571,917 shares of the transportation company’s stock valued at $240,011,000 after purchasing an additional 220,325 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of ArcBest by 47.2% during the fourth quarter. JPMorgan Chase & Co. now owns 326,006 shares of the transportation company’s stock valued at $30,423,000 after buying an additional 104,499 shares during the last quarter. GAMMA Investing LLC grew its holdings in ArcBest by 20,035.6% during the first quarter. GAMMA Investing LLC now owns 101,282 shares of the transportation company’s stock worth $71,480,000 after buying an additional 100,779 shares in the last quarter. American Century Companies Inc. raised its position in ArcBest by 16.3% in the 4th 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 last quarter. Finally, Eisler Capital Management Ltd. bought a new position in ArcBest during the 4th quarter valued at $7,695,000. 99.27% of the stock is owned by institutional investors.

ArcBest Stock Down 12.4 %

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 stock has a market capitalization of $1.45 billion, a PE ratio of 8.55, a P/E/G ratio of 1.70 and a beta of 1.62. The stock’s fifty day simple moving average is $78.78 and its 200-day simple moving average is $95.14.

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

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Tuesday, February 11th. ArcBest’s payout ratio is 6.55%.

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.