Citigroup Issues Positive Forecast for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its target price upped by Citigroup from $110.00 to $127.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. lowered their price objective on ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Stephens reiterated an “overweight” rating and set a $130.00 price target on shares of ArcBest in a report on Wednesday, September 4th. UBS Group reduced their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wolfe Research downgraded shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Bank of America dropped their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $124.50.

ArcBest Trading Down 4.1 %

Shares of NASDAQ:ARCB opened at $116.91 on Tuesday. ArcBest has a 12-month low of $94.76 and a 12-month high of $153.60. The company has a quick ratio of 1.19, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.74 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 2.93 and a beta of 1.47. The firm has a fifty day moving average of $105.69 and a two-hundred day moving average of $108.75.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the firm earned $2.31 earnings per share. ArcBest’s revenue was down 5.8% compared to the same quarter last year. On average, equities analysts expect that ArcBest will post 6.19 EPS for the current fiscal year.

ArcBest Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date is Wednesday, November 13th. ArcBest’s dividend payout ratio is 5.93%.

Insider Activity

In related news, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the completion of the transaction, the senior vice president now owns 5,051 shares in the company, valued at $609,150.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently made changes to their positions in the company. Citigroup Inc. boosted its position in ArcBest by 91.1% in the third quarter. Citigroup Inc. now owns 45,313 shares of the transportation company’s stock valued at $4,914,000 after buying an additional 21,606 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ArcBest by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock worth $44,927,000 after acquiring an additional 21,905 shares in the last quarter. Intech Investment Management LLC grew its position in ArcBest by 92.3% during the 3rd quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock worth $1,166,000 after acquiring an additional 5,161 shares during the last quarter. Avior Wealth Management LLC increased its holdings in ArcBest by 17.9% during the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock valued at $68,000 after purchasing an additional 95 shares in the last quarter. Finally, Pathstone Holdings LLC increased its holdings in ArcBest by 14.4% during the 3rd quarter. Pathstone Holdings LLC now owns 20,439 shares of the transportation company’s stock valued at $2,217,000 after purchasing an additional 2,574 shares in the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.

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.