Citigroup Trims ArcBest (NASDAQ:ARCB) Target Price to $28.00

ArcBest (NASDAQ:ARCB) had its price objective lowered by Citigroup from $34.00 to $28.00 in a research report sent to investors on Thursday, BenzingaRatingsTable reports. Citigroup currently has a neutral rating on the transportation company’s stock.

A number of other research analysts have also recently commented on the stock. Mizuho began coverage on shares of Merck & Co., Inc. in a research note on Tuesday, July 2nd. They set a buy rating and a $97.00 price target for the company. TheStreet upgraded shares of BlackRock TCP Capital from a c+ rating to a b rating in a research note on Tuesday, May 28th. Morgan Stanley set a $36.00 price target on shares of ArcBest and gave the stock a hold rating in a research note on Monday, July 8th. Buckingham Research cut their price target on shares of American Axle & Manufact. from $16.00 to $15.00 and set a neutral rating for the company in a research note on Monday, May 6th. Finally, Cowen restated an outperform rating and set a $28.00 price target (down previously from $30.00) on shares of Pure Storage in a research note on Wednesday, May 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. ArcBest presently has a consensus rating of Hold and a consensus target price of $37.67.

NASDAQ ARCB opened at $26.90 on Thursday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.39. The company has a 50-day moving average of $26.45. ArcBest has a twelve month low of $24.68 and a twelve month high of $51.45. The company has a market capitalization of $686.30 million, a PE ratio of 7.19 and a beta of 2.09.

ArcBest (NASDAQ:ARCB) last released its earnings results on Thursday, May 2nd. The transportation company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.13). The company had revenue of $711.84 million during the quarter, compared to the consensus estimate of $724.33 million. ArcBest had a net margin of 2.00% and a return on equity of 14.19%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS. On average, sell-side analysts predict that ArcBest will post 3.29 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of ARCB. Pearl River Capital LLC acquired a new stake in shares of ArcBest during the first quarter worth approximately $68,000. PNC Financial Services Group Inc. increased its holdings in shares of ArcBest by 13.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,163 shares of the transportation company’s stock worth $107,000 after buying an additional 375 shares in the last quarter. Neuburgh Advisers LLC increased its holdings in shares of ArcBest by 15.1% during the fourth quarter. Neuburgh Advisers LLC now owns 3,520 shares of the transportation company’s stock worth $121,000 after buying an additional 462 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of ArcBest during the first quarter worth approximately $122,000. Finally, Flinton Capital Management LLC increased its holdings in shares of ArcBest by 15.1% during the fourth quarter. Flinton Capital Management LLC now owns 5,440 shares of the transportation company’s stock worth $186,000 after buying an additional 714 shares in the last quarter. 98.77% of the stock is owned by institutional investors.

ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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Analyst Recommendations for ArcBest (NASDAQ:ARCB)

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