ArcBest (NASDAQ:ARCB) Given New $178.00 Price Target at Citigroup

ArcBest (NASDAQ:ARCB) had its target price trimmed by Citigroup from $202.00 to $178.00 in a research note released on Thursday,Benzinga reports. The firm currently has a buy rating on the transportation company’s stock.

ARCB has been the topic of a number of other reports. Stifel Nicolaus lifted their target price on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Bank of America increased their price target on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, June 5th. JPMorgan Chase & Co. raised their price objective on ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. UBS Group upped their target price on ArcBest from $122.00 to $145.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Truist Financial increased their target price on ArcBest from $95.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.83.

ArcBest Trading Up 3.4%

NASDAQ ARCB opened at $150.85 on Thursday. The company’s fifty day simple moving average is $139.07 and its 200-day simple moving average is $111.70. ArcBest has a 52 week low of $59.43 and a 52 week high of $176.69. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10. The stock has a market cap of $3.36 billion, a P/E ratio of 62.08, a PEG ratio of 0.63 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The business had revenue of $998.79 million during the quarter, compared to analyst estimates of $999.07 million. During the same period last year, the business earned $0.51 EPS. The business’s revenue was up 3.3% on a year-over-year basis. Equities research analysts predict that ArcBest will post 6.11 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were given a $0.12 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. ArcBest’s dividend payout ratio (DPR) is presently 19.75%.

Institutional Investors Weigh In On ArcBest

Several institutional investors and hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA increased its stake in ArcBest by 1.5% during the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company’s stock valued at $606,000 after purchasing an additional 93 shares during the last quarter. Federation des caisses Desjardins du Quebec boosted its holdings in shares of ArcBest by 0.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company’s stock valued at $1,706,000 after buying an additional 100 shares during the period. Seelaus Asset Management LLC boosted its holdings in shares of ArcBest by 3.5% in the 4th quarter. Seelaus Asset Management LLC now owns 3,710 shares of the transportation company’s stock valued at $275,000 after buying an additional 125 shares during the period. PNC Financial Services Group Inc. grew its position in shares of ArcBest by 8.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company’s stock valued at $175,000 after buying an additional 134 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of ArcBest by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company’s stock valued at $329,000 after buying an additional 135 shares during the last quarter. 99.27% of the stock is owned by institutional investors and hedge funds.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.