Citigroup Lowers ArcBest (NASDAQ:ARCB) Price Target to $178.00

ArcBest (NASDAQ:ARCB) had its target price lowered by research analysts at Citigroup from $202.00 to $178.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the transportation company’s stock. Citigroup’s price objective suggests a potential upside of 18.17% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Wells Fargo & Company raised their target price on ArcBest from $130.00 to $150.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. UBS Group upped their target price on ArcBest from $122.00 to $145.00 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley upped their price objective on ArcBest from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $117.00 to $147.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Wall Street Zen upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.83.

ArcBest Stock Up 3.3%

Shares of ARCB stock traded up $4.77 during trading hours on Thursday, hitting $150.64. 64,710 shares of the company were exchanged, compared to its average volume of 369,726. ArcBest has a one year low of $59.43 and a one year high of $176.69. The business’s 50-day simple moving average is $138.61 and its two-hundred day simple moving average is $111.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 61.89, a P/E/G ratio of 0.63 and a beta of 1.57.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Tuesday, April 28th. The transportation company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $998.79 million during the quarter, compared to the consensus estimate of $999.07 million. ArcBest had a return on equity of 6.15% and a net margin of 1.38%.ArcBest’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 earnings per share. Sell-side analysts predict that ArcBest will post 6.11 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in ArcBest by 300.3% in the first quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company’s stock worth $1,898,000 after purchasing an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ArcBest by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,017 shares of the transportation company’s stock worth $989,000 after purchasing an additional 619 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of ArcBest by 215.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,138 shares of the transportation company’s stock worth $10,808,000 after buying an additional 104,643 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of ArcBest by 278.2% in the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company’s stock valued at $3,218,000 after buying an additional 33,537 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of ArcBest by 3.4% during the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company’s stock worth $1,421,000 after acquiring an additional 655 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.