Citigroup Issues Positive Forecast for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price target hoisted by equities researchers at Citigroup from $110.00 to $127.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. Citigroup’s price objective points to a potential upside of 12.52% from the company’s previous close.

ARCB has been the subject of several other research reports. The Goldman Sachs Group reduced their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and reduced their target price for the company from $131.00 to $114.00 in a report on Monday, October 14th. Morgan Stanley dropped their price target on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. UBS Group reduced their price objective on ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of ArcBest in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $124.50.

ArcBest Stock Down 3.4 %

ARCB stock opened at $112.87 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. ArcBest has a 1-year low of $94.76 and a 1-year high of $153.60. The stock has a market capitalization of $2.64 billion, a P/E ratio of 13.93, a P/E/G ratio of 2.94 and a beta of 1.47. The business has a fifty day moving average price of $105.90 and a 200-day moving average price of $108.78.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On ArcBest

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP increased its stake in ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after acquiring an additional 134 shares during the last quarter. Innealta Capital LLC bought a new stake in ArcBest in the second quarter worth $33,000. Quest Partners LLC bought a new stake in ArcBest in the second quarter worth $36,000. Cultivar Capital Inc. purchased a new stake in ArcBest during the second quarter valued at $43,000. Finally, Mather Group LLC. bought a new position in ArcBest during the second quarter valued at $46,000. 99.27% of the stock is owned by institutional investors.

About ArcBest

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.