ArcBest (NASDAQ:ARCB) Price Target Cut to $83.00 by Analysts at Citigroup

ArcBest (NASDAQ:ARCB) had its price objective dropped by 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 suggests a potential upside of 30.00% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company decreased their price target on ArcBest from $80.00 to $74.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Bank of America decreased their target price on ArcBest from $73.00 to $72.00 and set a “neutral” rating on the stock in a research note on Tuesday. Stifel Nicolaus boosted their price target on ArcBest from $81.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Stephens lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price objective for the company. in a report on Thursday, November 6th. Finally, UBS Group lowered their target price 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $85.00.

ArcBest Price Performance

NASDAQ:ARCB traded down $1.79 during trading hours on Tuesday, hitting $63.85. 54,718 shares of the stock traded hands, compared to its average volume of 352,760. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 1.35 and a beta of 1.67. ArcBest has a 1 year low of $55.19 and a 1 year high of $113.74. The stock has a 50 day moving average price of $69.26 and a 200 day moving average price of $71.63. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

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

Institutional Trading of ArcBest

A number of large investors have recently made changes to their positions in ARCB. Turtle Creek Asset Management Inc. bought a new position in shares of ArcBest in the 3rd quarter valued at about $39,508,000. Ameriprise Financial Inc. lifted its stake in shares of ArcBest by 158.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock valued at $37,740,000 after purchasing an additional 300,642 shares during the last quarter. Nuveen LLC purchased a new position in shares of ArcBest in the 1st quarter worth approximately $18,460,000. Westwood Holdings Group Inc. increased its position in shares of ArcBest by 36.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock valued at $61,353,000 after purchasing an additional 233,409 shares during the last quarter. Finally, Ancora Advisors LLC raised its holdings in ArcBest by 1,812.9% during the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock valued at $14,440,000 after buying an additional 193,892 shares during the period. 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.