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

ArcBest (NASDAQ:ARCB) had its price target reduced by analysts at Citigroup from $87.00 to $83.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the transportation company’s stock. Citigroup’s price target points to a potential upside of 20.96% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Stephens cut 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. Stifel Nicolaus upped their price objective on ArcBest from $81.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Zacks Research raised ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Bank of America cut their price target on ArcBest from $73.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, UBS Group dropped their price objective on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $85.00.

ArcBest Trading Up 5.9%

NASDAQ:ARCB opened at $68.62 on Tuesday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 8.15 and a beta of 1.52. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $69.15 and its 200-day moving average price is $71.59. ArcBest has a 52 week low of $55.19 and a 52 week high of $113.74.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.09. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the business earned $1.64 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcBest

A number of institutional investors and hedge funds have recently bought and sold shares of ARCB. Turtle Creek Asset Management Inc. purchased a new stake in shares of ArcBest during the third quarter worth about $39,508,000. Ameriprise Financial Inc. boosted its stake in ArcBest by 158.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares during the period. Nuveen LLC purchased a new stake in ArcBest during the 1st quarter valued at approximately $18,460,000. Westwood Holdings Group Inc. raised its position in shares of ArcBest by 36.7% during the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock valued at $61,353,000 after buying an additional 233,409 shares during the last quarter. Finally, Ancora Advisors LLC lifted its holdings in shares of ArcBest by 1,812.9% in the first quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after buying an additional 193,892 shares in the last quarter. 99.27% of the stock is owned by 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.