ArcBest (NASDAQ:ARCB) Now Covered by Analysts at Citigroup

Research analysts at Citigroup initiated coverage on shares of ArcBest (NASDAQ:ARCB) in a research note issued 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 price target suggests a potential upside of 8.10% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Wells Fargo & Company cut shares of ArcBest from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $122.00 to $112.00 in a report on Wednesday, September 4th. Bank of America decreased their price objective on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. StockNews.com raised 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 report on Wednesday. Finally, Morgan Stanley dropped their price objective on ArcBest from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $131.45.

ArcBest Stock Up 1.6 %

Shares of ARCB opened at $102.68 on Wednesday. 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 stock has a market capitalization of $2.41 billion, a PE ratio of 20.66, a P/E/G ratio of 1.37 and a beta of 1.46. The company’s 50-day simple moving average is $106.43 and its 200-day simple moving average is $115.15. ArcBest has a 1 year low of $86.93 and a 1 year high of $153.60.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 EPS 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 analyst estimates of $1.06 billion. During the same quarter last year, the firm earned $1.54 EPS. The business’s revenue was down 2.4% on a year-over-year basis. Analysts forecast that ArcBest will post 7.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On ArcBest

A number of large investors have recently bought and sold shares of ARCB. UniSuper Management Pty Ltd purchased a new stake in shares of ArcBest in the first quarter valued at approximately $666,000. Inspire Investing LLC grew its stake in shares of ArcBest by 39.6% during the 1st quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after purchasing an additional 4,258 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of ArcBest by 9.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ArcBest by 54.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after buying an additional 7,291 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its position in ArcBest by 235.3% during the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock worth $4,771,000 after buying an additional 23,497 shares during the period. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.