Citigroup Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its target price decreased by equities researchers at Citigroup from $202.00 to $178.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Citigroup’s target price indicates a potential upside of 20.98% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Bank of America lifted their target price on shares of ArcBest from $138.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Stifel Nicolaus increased their price target on ArcBest from $116.00 to $134.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on ArcBest from $117.00 to $147.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Weiss Ratings cut ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 28th. Finally, Morgan Stanley lifted their price target on shares of ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $147.83.

ArcBest Stock Performance

NASDAQ ARCB opened at $147.13 on Thursday. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The firm’s fifty day moving average price is $139.47 and its two-hundred day moving average price is $111.95. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $3.28 billion, a PE ratio of 60.55, a PEG ratio of 0.66 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Tuesday, April 28th. The transportation company reported $0.32 earnings per share for the quarter, topping 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 firm had revenue of $998.79 million for the quarter, compared to analyst estimates of $999.07 million. During the same period in the previous year, the firm posted $0.51 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities analysts expect that ArcBest will post 6.11 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcBest

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its stake in ArcBest by 300.3% during the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock valued at $1,898,000 after purchasing an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of ArcBest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock worth $989,000 after buying an additional 619 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of ArcBest by 215.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock valued at $10,808,000 after buying an additional 104,643 shares in the last quarter. Jane Street Group LLC raised its position in ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock valued at $3,218,000 after purchasing an additional 33,537 shares during the period. Finally, Intech Investment Management LLC raised its holdings in ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock valued at $1,421,000 after buying an additional 655 shares during the period. Institutional investors own 99.27% of the company’s stock.

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.