Citigroup Issues Pessimistic Forecast for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price objective decreased by analysts at Citigroup from $173.00 to $170.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the transportation company’s stock. Citigroup’s target price indicates a potential upside of 34.53% from the company’s previous close.

ARCB has been the topic of several other reports. Morgan Stanley raised their price target on shares of ArcBest from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research note on Tuesday, August 25th. TD Cowen decreased their target price on ArcBest from $175.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group restated a “buy” rating and set a $172.00 price target on shares of ArcBest in a research note on Wednesday, July 29th. Finally, Stephens raised ArcBest to a “strong-buy” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.77.

ArcBest Stock Performance

Shares of ARCB stock traded down $1.87 during trading hours on Wednesday, reaching $126.37. 51,674 shares of the company’s stock were exchanged, compared to its average volume of 345,699. ArcBest has a fifty-two week low of $59.43 and a fifty-two week high of $176.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $2.82 billion, a P/E ratio of 183.20, a P/E/G ratio of 0.40 and a beta of 1.70. The business has a fifty day moving average price of $135.76 and a 200-day moving average price of $132.59.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.12. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company posted $1.36 earnings per share. ArcBest’s quarterly revenue was up 15.9% on a year-over-year basis. Analysts predict that ArcBest will post 6.98 EPS for the current fiscal year.

Insider Activity at ArcBest

In other ArcBest news, insider Erin Gattis sold 6,163 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $140.00, for a total value of $862,820.00. Following the sale, the insider directly owned 24,286 shares in the company, valued at $3,400,040. This represents a 20.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Judy McReynolds sold 2,857 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $138.98, for a total value of $397,065.86. Following the transaction, the director owned 50,048 shares of the company’s stock, valued at $6,955,671.04. This represents a 5.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,818 shares of company stock valued at $1,793,568 in the last 90 days. 0.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ARCB. Tidal Investments LLC bought a new position in ArcBest in the 2nd quarter valued at $638,000. WINTON GROUP Ltd acquired a new stake in shares of ArcBest in the second quarter valued at $1,679,000. Engineers Gate Manager LP acquired a new stake in shares of ArcBest in the second quarter valued at $894,000. Squarepoint Ops LLC bought a new position in shares of ArcBest in the second quarter valued at about $4,194,000. Finally, Nykredit A S bought a new position in shares of ArcBest in the second quarter valued at about $75,000. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Company Profile

ArcBest Corporation (NASDAQ: ARCB) is a logistics company that provides freight transportation and supply chain services to businesses in North America and international markets. Headquartered in Fort Smith, Arkansas, the company serves manufacturers, distributors, retailers and other commercial customers through a combination of asset-based transportation and asset-light logistics solutions.

ArcBest’s asset-based operations are conducted primarily through ABF Freight, a less-than-truckload carrier that transports palletized freight and offers regional, interregional and long-distance services.