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

ArcBest (NASDAQ:ARCB) had its target price increased by equities research analysts at Citigroup from $110.00 to $127.00 in a research note issued to 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 7.39% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their target price on ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, UBS Group reduced their target price on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $124.50.

ArcBest Price Performance

Shares of ARCB stock traded down $3.64 on Tuesday, hitting $118.26. 86,471 shares of the stock traded hands, compared to its average volume of 289,322. The firm has a 50 day simple moving average of $105.45 and a two-hundred day simple moving average of $108.83. ArcBest has a 52 week low of $94.76 and a 52 week high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19. 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.

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

Insider Activity

In related news, SVP Michael E. Newcity sold 10,443 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.65% of the company’s stock.

Institutional Trading of ArcBest

Several institutional investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC purchased a new stake in shares of ArcBest in the 1st quarter valued at approximately $370,000. Headlands Technologies LLC acquired a new stake in ArcBest during the first quarter worth approximately $73,000. ProShare Advisors LLC increased its position in shares of ArcBest by 7.1% during the 1st quarter. ProShare Advisors LLC now owns 4,957 shares of the transportation company’s stock valued at $706,000 after purchasing an additional 330 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of ArcBest by 13.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 7,848 shares of the transportation company’s stock valued at $1,118,000 after acquiring an additional 960 shares in the last quarter. Finally, PAX Financial Group LLC bought a new position in shares of ArcBest during the first quarter valued at approximately $630,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.