ArcBest (NASDAQ:ARCB) Price Target Cut to $178.00 by Analysts at Citigroup

Key Points

• Citigroup lowered its price target on ArcBest from $202 to $178 while keeping a buy rating, implying about 18% upside from the prior close.
• Other analysts remain mixed but generally constructive, with recent target hikes from Goldman Sachs, TD Cowen, Wells Fargo, and Stifel; the stock carries a consensus rating of Moderate Buy and an average target of $147.83.
• ArcBest shares were up 3.3% to $150.64, and the company recently reported Q1 EPS of $0.32, beating estimates, while revenue rose 3.3% year over year.

ArcBest (NASDAQ:ARCB - Get Free Report) had its price target decreased by equities research analysts at Citigroup from $202.00 to $178.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the transportation company's stock. Citigroup's target price points to a potential upside of 18.17% from the stock's previous close.

Several other analysts have also recently commented on ARCB. Weiss Ratings cut ArcBest from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 28th. The Goldman Sachs Group upped their price target on ArcBest from $117.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. TD Cowen boosted their price objective on ArcBest from $137.00 to $175.00 and gave the stock a "hold" rating in a research note on Tuesday, June 9th. Wells Fargo & Company raised their target price on ArcBest from $130.00 to $150.00 and gave the stock an "equal weight" rating in a research note on Friday, June 5th. Finally, Stifel Nicolaus lifted their price target on ArcBest from $116.00 to $134.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $147.83.

ArcBest Stock Up 3.3%

ARCB traded up $4.77 on Thursday, hitting $150.64. The company had a trading volume of 64,710 shares, compared to its average volume of 369,726. The stock has a fifty day moving average price of $138.61 and a 200-day moving average price of $111.19. 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 0.93 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The transportation company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. ArcBest had a net margin of 1.38% and a return on equity of 6.15%. The firm had revenue of $998.79 million for the quarter, compared to the consensus estimate of $999.07 million. During the same quarter in the previous year, the firm earned $0.51 EPS. The company's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts predict that ArcBest will post 6.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ARCB. Glenmede Trust Co. NA lifted its position in shares of ArcBest by 1.5% in the first quarter. Glenmede Trust Co. NA now owns 6,162 shares of the transportation company's stock valued at $606,000 after acquiring an additional 93 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its holdings in shares of ArcBest by 0.4% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 22,995 shares of the transportation company's stock worth $1,706,000 after purchasing an additional 100 shares during the period. Seelaus Asset Management LLC grew its stake in ArcBest by 3.5% during the fourth quarter. Seelaus Asset Management LLC now owns 3,710 shares of the transportation company's stock worth $275,000 after buying an additional 125 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of ArcBest by 8.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,775 shares of the transportation company's stock valued at $175,000 after acquiring an additional 134 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of ArcBest by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 4,431 shares of the transportation company's stock valued at $329,000 after acquiring an additional 135 shares in the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.

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