ArcBest (NASDAQ:ARCB) Price Target Lowered to $171.00 at Citigroup

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

A number of other equities analysts also recently weighed in on the company. Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings cut shares of ArcBest from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 28th. UBS Group boosted their price objective on shares of ArcBest from $145.00 to $154.00 and gave the company a “neutral” rating in a research report on Monday. Truist Financial upped their price objective on shares of ArcBest from $145.00 to $165.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company increased their target price on shares of ArcBest from $130.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, ArcBest currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.23.

ArcBest Stock Up 4.6%

Shares of ARCB stock traded up $6.33 on Tuesday, reaching $143.91. 75,417 shares of the company’s stock traded hands, compared to its average volume of 373,382. ArcBest has a 12-month low of $59.43 and a 12-month high of $176.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $3.20 billion, a P/E ratio of 208.08, a price-to-earnings-growth ratio of 0.49 and a beta of 1.57. The business’s 50 day moving average price is $149.17 and its two-hundred day moving average price is $120.17.

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 return on equity of 7.92% and a net margin of 0.39%.The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the business earned $1.36 EPS. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts forecast that ArcBest will post 6.73 earnings per share for the current year.

Institutional Trading of ArcBest

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of ArcBest by 126.6% during the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after buying an additional 567 shares during the period. Canada Pension Plan Investment Board bought a new position in ArcBest in the 2nd quarter worth $85,000. Hantz Financial Services Inc. raised its holdings in ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after acquiring an additional 934 shares during the period. Assetmark Inc. lifted its position in ArcBest by 5,940.0% during the 4th quarter. Assetmark Inc. now owns 1,208 shares of the transportation company’s stock worth $90,000 after acquiring an additional 1,188 shares during the last quarter. Finally, KBC Group NV lifted its position in ArcBest by 69.4% during the 4th quarter. KBC Group NV now owns 1,299 shares of the transportation company’s stock worth $96,000 after acquiring an additional 532 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

About ArcBest

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.