Citigroup Raises ArcBest (NASDAQ:ARCB) Price Target to $127.00

ArcBest (NASDAQ:ARCB) had its price objective raised by Citigroup from $110.00 to $127.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the transportation company’s stock. Citigroup’s price target would indicate a potential upside of 7.39% from the stock’s previous close.

A number of other research analysts have also commented on ARCB. Wells Fargo & Company dropped their price objective on shares of ArcBest from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and lowered their price objective for the company from $131.00 to $114.00 in a research note on Monday, October 14th. JPMorgan Chase & Co. decreased their target price on ArcBest from $130.00 to $117.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Stifel Nicolaus cut their price target on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Bank of America decreased their price target on ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $124.50.

ArcBest Stock Performance

ArcBest stock traded down $3.64 during mid-day trading on Tuesday, reaching $118.26. The company had a trading volume of 86,471 shares, compared to its average volume of 289,322. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 2.93 and a beta of 1.47. The company has a quick ratio of 1.19, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $105.45 and a 200-day moving average of $108.83. ArcBest has a 52 week low of $94.76 and a 52 week high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a return on equity of 14.27% and a net margin of 4.54%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter last year, the business posted $2.31 EPS. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, sell-side analysts expect that ArcBest will post 6.19 EPS for the current fiscal year.

Insider Buying and Selling at ArcBest

In related news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total value of $1,259,425.80. Following the transaction, the senior vice president now directly owns 5,051 shares in the company, valued at $609,150.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.65% of the stock is owned by corporate insiders.

Institutional Trading of ArcBest

Large investors have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. increased its position in ArcBest by 34.7% during the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after acquiring an additional 150,467 shares during the period. Marshall Wace LLP grew its position in shares of ArcBest by 158.7% in the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after acquiring an additional 117,774 shares during the period. Emerald Advisers LLC acquired a new position in shares of ArcBest in the 2nd quarter valued at approximately $6,812,000. Mutual of America Capital Management LLC raised its holdings in ArcBest by 1,455.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock worth $6,789,000 after purchasing an additional 59,322 shares during the last quarter. Finally, Zimmer Partners LP purchased a new position in ArcBest during the first quarter worth about $7,838,000. 99.27% of the stock is currently 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.