Citigroup Lowers ArcBest (NASDAQ:ARCB) Price Target to $66.00

ArcBest (NASDAQ:ARCB) had its price target reduced by equities research analysts at Citigroup from $83.00 to $66.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. Citigroup’s price target indicates a potential downside of 8.03% from the stock’s current price.

ARCB has been the topic of several other reports. The Goldman Sachs Group cut their target price on ArcBest from $126.00 to $108.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. UBS Group reduced their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Bank of America decreased their target price on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday, March 12th. Morgan Stanley reduced their price target on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, Stifel Nicolaus boosted their price objective on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.67.

ArcBest Price Performance

ARCB opened at $71.76 on Tuesday. ArcBest has a 1 year low of $57.80 and a 1 year high of $152.35. The stock has a 50-day moving average price of $78.78 and a 200-day moving average price of $95.14. The firm has a market cap of $1.66 billion, a PE ratio of 9.79, a P/E/G ratio of 1.70 and a beta of 1.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period in the previous year, the firm earned $2.47 earnings per share. Sell-side analysts predict that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO John Matthew Beasley bought 700 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the purchase, the chief financial officer now owns 8,142 shares in the company, valued at approximately $609,754.38. The trade was a 9.41 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.28% of the company’s stock.

Institutional Trading of ArcBest

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after buying an additional 177 shares during the period. R Squared Ltd purchased a new position in shares of ArcBest in the fourth quarter valued at about $40,000. Smartleaf Asset Management LLC boosted its stake in shares of ArcBest by 471.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock worth $51,000 after acquiring an additional 453 shares during the period. KBC Group NV grew its position in shares of ArcBest by 34.9% during the fourth quarter. KBC Group NV now owns 1,148 shares of the transportation company’s stock worth $107,000 after purchasing an additional 297 shares in the last quarter. Finally, Cibc World Markets Corp bought a new stake in ArcBest during the 4th quarter valued at approximately $206,000. 99.27% of the stock is owned by hedge funds and other institutional investors.

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.