Citigroup Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price target lowered by investment analysts at Citigroup from $83.00 to $79.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the transportation company’s stock. Citigroup’s target price suggests a potential upside of 10.46% from the stock’s previous close.

ARCB has been the subject of a number of other reports. Morgan Stanley reduced their price target on shares of ArcBest from $140.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, July 31st. The Goldman Sachs Group upgraded shares of ArcBest from a “neutral” rating to a “buy” rating and lifted their price target for the company from $84.00 to $101.00 in a research report on Monday, June 2nd. JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $75.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Wells Fargo & Company dropped their price objective on shares of ArcBest from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, July 31st. Finally, Zacks Research raised shares of ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ArcBest currently has a consensus rating of “Hold” and a consensus target price of $89.17.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $71.52 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.63 billion, a P/E ratio of 10.64, a PEG ratio of 0.87 and a beta of 1.69. ArcBest has a 52 week low of $55.19 and a 52 week high of $123.25. The company has a 50-day moving average price of $76.67 and a 200 day moving average price of $71.01.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. ArcBest’s revenue was down 5.1% on a year-over-year basis. Research analysts predict that ArcBest will post 7 earnings per share for the current year.

Institutional Trading of ArcBest

Several hedge funds and other institutional investors have recently bought and sold shares of ARCB. Ameriprise Financial Inc. grew its stake in ArcBest by 158.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after acquiring an additional 300,642 shares during the period. Nuveen LLC purchased a new stake in ArcBest in the 1st quarter worth approximately $18,460,000. Westwood Holdings Group Inc. boosted its holdings in shares of ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock valued at $61,353,000 after purchasing an additional 233,409 shares during the last quarter. Ancora Advisors LLC boosted its holdings in shares of ArcBest by 1,812.9% in the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock valued at $14,440,000 after purchasing an additional 193,892 shares during the last quarter. Finally, Encompass Capital Advisors LLC acquired a new position in shares of ArcBest in the 2nd quarter valued at $12,657,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

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.