ArcBest (NASDAQ:ARCB) Given New $171.00 Price Target at Citigroup

ArcBest (NASDAQ:ARCB) had its price objective dropped by analysts at Citigroup from $178.00 to $171.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the transportation company’s stock. Citigroup’s target price points to a potential upside of 18.83% from the stock’s current price.

A number of other brokerages have also recently weighed in on ARCB. The Goldman Sachs Group restated a “buy” rating and issued a $172.00 price target on shares of ArcBest in a research report on Wednesday, July 29th. Wall Street Zen raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Bank of America upped their price objective on ArcBest from $138.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Citizens Jmp initiated coverage on shares of ArcBest in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $180.00 target price on the stock. Finally, Zacks Research upgraded shares of ArcBest from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $154.23.

ArcBest Price Performance

ARCB stock traded up $6.33 on Tuesday, reaching $143.91. 75,417 shares of the company’s stock were exchanged, compared to its average volume of 373,382. The firm has a market cap of $3.20 billion, a PE ratio of 208.08, a P/E/G ratio of 0.49 and a beta of 1.57. ArcBest has a twelve month low of $59.43 and a twelve month high of $176.69. The stock has a fifty day moving average of $149.17 and a 200-day moving average of $120.17. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm earned $1.36 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts predict that ArcBest will post 6.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARCB. Vanguard Group Inc. lifted its position in ArcBest by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,451,162 shares of the transportation company’s stock worth $181,852,000 after purchasing an additional 6,808 shares during the period. Dimensional Fund Advisors LP boosted its stake in ArcBest by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company’s stock valued at $137,429,000 after buying an additional 47,848 shares in the last quarter. Invesco Ltd. boosted its stake in ArcBest by 625.4% during the fourth quarter. Invesco Ltd. now owns 920,498 shares of the transportation company’s stock valued at $68,292,000 after buying an additional 793,607 shares in the last quarter. Turtle Creek Asset Management Inc. acquired a new position in ArcBest during the third quarter worth about $39,508,000. Finally, Jacobs Levy Equity Management Inc. raised its position in ArcBest by 4.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 520,886 shares of the transportation company’s stock worth $36,394,000 after acquiring an additional 24,102 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.