ArcBest (NASDAQ:ARCB) Stock Price Target Cut by Citigroup

Key Points

• Citigroup lowered ArcBest’s price target from $173 to $170 but maintained a “buy” rating, implying 34.53% potential upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $153.77, despite some firms issuing hold ratings or reducing targets.
• ArcBest shares fell 1.5% to $126.37 in Wednesday trading. The company recently exceeded quarterly earnings and revenue expectations, while insiders have sold shares worth approximately $1.8 million over the past 90 days.

ArcBest (NASDAQ:ARCB - Get Free Report) had its price target reduced by stock analysts at Citigroup from $173.00 to $170.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the transportation company's stock. Citigroup's price target points to a potential upside of 34.53% from the stock's previous close.

ARCB has been the topic of several other reports. Stifel Nicolaus upped their price target on ArcBest from $134.00 to $176.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Zacks Research cut ArcBest from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Citizens Jmp started coverage on ArcBest in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $180.00 target price on the stock. Truist Financial dropped their target price on ArcBest from $165.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of ArcBest in a report on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, ArcBest has an average rating of "Moderate Buy" and a consensus price target of $153.77.

ArcBest Trading Down 1.5%

Shares of NASDAQ:ARCB traded down $1.87 during mid-day trading on Wednesday, hitting $126.37. The stock had a trading volume of 51,674 shares, compared to its average volume of 345,699. The company's 50 day moving average is $135.76 and its 200-day moving average is $132.59. ArcBest has a 12-month low of $59.43 and a 12-month high of $176.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.82 billion, a PE ratio of 183.20, a P/E/G ratio of 0.40 and a beta of 1.70.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.12. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.17 billion. ArcBest had a net margin of 0.39% and a return on equity of 7.92%. The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.36 EPS. On average, sell-side analysts predict that ArcBest will post 6.98 EPS for the current year.

Insider Activity

In related news, VP Jason Parks sold 855 shares of ArcBest stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $135.09, for a total value of $115,501.95. Following the completion of the sale, the vice president owned 3,794 shares of the company's stock, valued at approximately $512,531.46. The trade was a 18.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Judy McReynolds sold 2,857 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $138.98, for a total transaction of $397,065.86. Following the completion of the sale, the director owned 50,048 shares of the company's stock, valued at $6,955,671.04. This represents a 5.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,818 shares of company stock worth $1,793,568. 0.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in ArcBest during the second quarter worth approximately $503,476,000. Dimensional Fund Advisors LP lifted its stake in shares of ArcBest by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,397,287 shares of the transportation company's stock worth $137,429,000 after buying an additional 47,848 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in shares of ArcBest by 32.5% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 535,746 shares of the transportation company's stock worth $76,901,000 after buying an additional 131,400 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of ArcBest during the 2nd quarter worth $27,281,000. Finally, Empowered Funds LLC acquired a new position in ArcBest during the 2nd quarter worth $20,787,000. 99.27% of the stock is owned by institutional investors.

ArcBest Company Profile

ArcBest Corporation NASDAQ: ARCB is a logistics company that provides freight transportation and supply chain services to businesses in North America and international markets. Headquartered in Fort Smith, Arkansas, the company serves manufacturers, distributors, retailers and other commercial customers through a combination of asset-based transportation and asset-light logistics solutions.

ArcBest's asset-based operations are conducted primarily through ABF Freight, a less-than-truckload carrier that transports palletized freight and offers regional, interregional and long-distance services.

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