ArcBest (NASDAQ:ARCB) Coverage Initiated at Citigroup

Equities research analysts at Citigroup began coverage on shares of ArcBest (NASDAQ:ARCB) in a report released on Wednesday, Marketbeat.com reports. The firm set a “neutral” rating and a $111.00 price target on the transportation company’s stock. Citigroup’s target price points to a potential upside of 9.31% from the company’s current price.

A number of other research firms also recently weighed in on ARCB. Bank of America lowered their target price on ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. TD Cowen lowered their price objective on shares of ArcBest from $136.00 to $131.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Wells Fargo & Company lowered shares of ArcBest from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $122.00 to $112.00 in a research report on Wednesday, September 4th. Stephens reiterated an “overweight” rating and issued a $130.00 price target on shares of ArcBest in a research report on Wednesday, September 4th. Finally, Stifel Nicolaus cut their price objective on shares of ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest presently has an average rating of “Hold” and an average price target of $129.33.

ArcBest Trading Down 0.2 %

Shares of NASDAQ ARCB opened at $101.55 on Wednesday. The company has a market cap of $2.38 billion, a PE ratio of 20.43, a P/E/G ratio of 1.37 and a beta of 1.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. The firm’s 50 day moving average price is $105.54 and its 200-day moving average price is $114.96. ArcBest has a 52-week low of $86.93 and a 52-week high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities research analysts expect that ArcBest will post 7.21 EPS for the current fiscal year.

Insider Activity

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average cost of $103.93 per share, with a total value of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares in the company, valued at $379,344.50. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Livforsakringsbolaget Skandia Omsesidigt boosted its position in ArcBest by 24.6% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,100 shares of the transportation company’s stock valued at $877,000 after purchasing an additional 1,600 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of ArcBest by 63.7% in the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after buying an additional 200 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of ArcBest by 50.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 7,500 shares of the transportation company’s stock worth $813,000 after acquiring an additional 2,500 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of ArcBest during the 2nd quarter worth approximately $419,000. Finally, New Wave Wealth Advisors LLC purchased a new stake in ArcBest during the second quarter valued at approximately $1,429,000. 99.27% of the stock is currently owned by hedge funds and other 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.