Citigroup Lowers ArcBest (NASDAQ:ARCB) Price Target to $83.00

ArcBest (NASDAQ:ARCB) had its target price reduced by equities researchers at Citigroup from $87.00 to $83.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the transportation company’s stock. Citigroup’s price target would indicate a potential upside of 30.00% from the company’s current price.

Several other equities analysts also recently commented on the company. Cowen reaffirmed a “hold” rating on shares of ArcBest in a research report on Wednesday, October 1st. Stephens cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price target on the stock. in a report on Thursday, November 6th. UBS Group reduced their price target on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Zacks Research raised shares of ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ArcBest currently has an average rating of “Hold” and a consensus target price of $85.00.

ArcBest Trading Down 2.7%

NASDAQ ARCB traded down $1.79 during trading on Tuesday, hitting $63.85. The stock had a trading volume of 54,718 shares, compared to its average volume of 352,760. ArcBest has a one year low of $55.19 and a one year high of $113.74. The stock has a 50 day simple moving average of $69.26 and a 200 day simple moving average of $71.63. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 9.50, a P/E/G ratio of 1.35 and a beta of 1.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

ArcBest (NASDAQ:ARCB) last released its earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.09. ArcBest had a return on equity of 8.67% and a net margin of 3.90%.The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the firm posted $1.64 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Sell-side analysts predict that ArcBest will post 7 earnings per share for the current year.

Institutional Investors Weigh In On ArcBest

Several hedge funds have recently modified their holdings of the business. Turtle Creek Asset Management Inc. purchased a new position in ArcBest during the third quarter valued at approximately $39,508,000. Ameriprise Financial Inc. boosted its position in ArcBest by 158.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock valued at $37,740,000 after acquiring an additional 300,642 shares in the last quarter. Nuveen LLC purchased a new position in shares of ArcBest in the 1st quarter valued at $18,460,000. Westwood Holdings Group Inc. raised its position in shares of ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock worth $61,353,000 after acquiring an additional 233,409 shares in the last quarter. Finally, Ancora Advisors LLC raised its position in shares of ArcBest by 1,812.9% in the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after acquiring an additional 193,892 shares in the last quarter. Hedge funds and other institutional investors 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.