Citigroup Cuts ArcBest (NASDAQ:ARCB) Price Target to $83.00

ArcBest (NASDAQ:ARCB) had its target price decreased by Citigroup from $87.00 to $83.00 in a research note issued to investors on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the transportation company’s stock.

Several other equities analysts have also recently commented on ARCB. Zacks Research raised shares of ArcBest to a “strong sell” rating in a research note on Monday, August 11th. Stifel Nicolaus increased their price objective on shares of ArcBest from $81.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. JPMorgan Chase & Co. boosted their target price on ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Bank of America cut their target price on ArcBest from $73.00 to $72.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Stephens lowered ArcBest from an “overweight” rating to an “equal weight” rating and set a $72.00 price target for the company. in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $85.00.

ArcBest Trading Up 1.4%

Shares of ARCB stock opened at $69.55 on Tuesday. ArcBest has a 1 year low of $55.19 and a 1 year high of $113.74. The firm has a market capitalization of $1.57 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 9.73 and a beta of 1.52. The stock has a fifty day moving average of $69.16 and a two-hundred day moving average of $71.58. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.09. ArcBest had a return on equity of 8.24% and a net margin of 2.41%.The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company earned $1.64 earnings per share. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, research analysts expect that ArcBest will post 7 EPS for the current year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. ArcBest’s payout ratio is presently 11.40%.

Institutional Trading of ArcBest

A number of institutional investors have recently added to or reduced their stakes in ARCB. Smartleaf Asset Management LLC increased its stake in shares of ArcBest by 26.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock worth $47,000 after purchasing an additional 143 shares during the last quarter. Capital Advisors Inc. OK boosted its holdings in ArcBest by 3.4% in the third quarter. Capital Advisors Inc. OK now owns 4,375 shares of the transportation company’s stock worth $306,000 after purchasing an additional 145 shares in the last quarter. GAMMA Investing LLC increased its position in ArcBest by 11.7% during the second quarter. GAMMA Investing LLC now owns 1,603 shares of the transportation company’s stock worth $123,000 after buying an additional 168 shares during the last quarter. Rhumbline Advisers raised its holdings in ArcBest by 0.3% during the third quarter. Rhumbline Advisers now owns 69,115 shares of the transportation company’s stock valued at $4,829,000 after buying an additional 180 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its position in shares of ArcBest by 3.2% in the second quarter. SummerHaven Investment Management LLC now owns 7,590 shares of the transportation company’s stock worth $585,000 after buying an additional 233 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.