Citigroup Forecasts Strong Price Appreciation for ArcBest (NASDAQ:ARCB) Stock

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

A number of other analysts have also recently weighed in on ARCB. Morgan Stanley decreased their price target 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 upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Bank of America lowered their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price target 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 shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $124.50.

ArcBest Price Performance

Shares of ARCB opened at $112.87 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest has a twelve month low of $94.76 and a twelve month high of $153.60. The firm has a market capitalization of $2.64 billion, a PE ratio of 13.93, a P/E/G ratio of 2.94 and a beta of 1.47. The stock’s 50 day moving average is $105.90 and its two-hundred day moving average is $108.78.

ArcBest (NASDAQ:ARCB) last issued 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 return on equity of 14.27% and a net margin of 4.54%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm earned $2.31 earnings per share. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Research analysts anticipate that ArcBest will post 6.19 earnings per share for the current year.

Insider Buying and Selling

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the business’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 sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at $609,150.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.65% of the stock is currently owned by corporate insiders.

Institutional Trading of ArcBest

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP grew its holdings in shares of ArcBest by 120.7% during 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 period. Innealta Capital LLC purchased a new stake in ArcBest in the second quarter worth $33,000. Quest Partners LLC bought a new position in ArcBest in the second quarter worth $36,000. Cultivar Capital Inc. purchased a new position in ArcBest during the second quarter valued at $43,000. Finally, Mather Group LLC. bought a new stake in shares of ArcBest during the 2nd quarter valued at $46,000. 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.