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

ArcBest (NASDAQ:ARCB) had its price target lifted by Citigroup from $110.00 to $127.00 in a research note released on Tuesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Other equities analysts have also recently issued reports about the stock. The Goldman Sachs Group reduced their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company decreased their target price on ArcBest from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Monday, November 4th. Morgan Stanley dropped their price target on ArcBest from $175.00 to $170.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. Finally, Bank of America dropped their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $124.50.

ArcBest Trading Down 4.1 %

Shares of NASDAQ ARCB opened at $116.91 on Tuesday. The company’s 50 day simple moving average is $105.69 and its 200 day simple moving average is $108.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19. ArcBest has a fifty-two week low of $94.76 and a fifty-two week high of $153.60. The firm has a market capitalization of $2.74 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.93 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the firm earned $2.31 earnings per share. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. On average, analysts predict that ArcBest will post 6.19 EPS for the current year.

ArcBest Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.41%. ArcBest’s payout ratio is 5.93%.

Insider Activity

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Citigroup Inc. boosted its position in ArcBest by 91.1% during the third quarter. Citigroup Inc. now owns 45,313 shares of the transportation company’s stock worth $4,914,000 after purchasing an additional 21,606 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of ArcBest by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock worth $44,927,000 after buying an additional 21,905 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of ArcBest by 92.3% during the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock worth $1,166,000 after buying an additional 5,161 shares during the period. Avior Wealth Management LLC grew its stake in ArcBest by 17.9% in the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock valued at $68,000 after buying an additional 95 shares during the last quarter. Finally, Pathstone Holdings LLC boosted its holdings in shares of ArcBest by 14.4% during the third quarter. Pathstone Holdings LLC now owns 20,439 shares of the transportation company’s stock worth $2,217,000 after acquiring an additional 2,574 shares during the period. 99.27% of the stock is owned by institutional investors and hedge funds.

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.