ArcBest (NASDAQ:ARCB) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised its target price on ArcBest to $107 (from $105) and kept a Buy rating, implying roughly an 18.7% upside from the prior close.
• Overall analyst sentiment is more cautious—six analysts rate the stock Buy and eight rate it Hold, leaving a consensus rating of Hold with a $97.17 consensus target.
• ArcBest missed Q earnings with EPS of $0.36 versus $0.45 expected (revenue $972.7M vs. $963.7M) and the stock traded down about 3.4% to $90.14 on the update.

ArcBest (NASDAQ:ARCB - Get Free Report) had its target price lifted by analysts at Citigroup from $105.00 to $107.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the transportation company's stock. Citigroup's price objective would indicate a potential upside of 18.70% from the company's previous close.

Several other research firms have also issued reports on ARCB. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ArcBest in a research note on Wednesday, January 21st. Zacks Research raised ArcBest from a "strong sell" rating to a "hold" rating in a research report on Monday, January 5th. JPMorgan Chase & Co. increased their price objective on ArcBest from $76.00 to $81.00 and gave the company a "neutral" rating in a report on Monday, February 2nd. Bank of America boosted their target price on ArcBest from $72.00 to $84.00 and gave the stock a "neutral" rating in a report on Tuesday, December 23rd. Finally, Truist Financial lifted their price target on shares of ArcBest from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, January 15th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.17.

ArcBest Trading Down 3.4%

ARCB stock traded down $3.14 during mid-day trading on Monday, reaching $90.14. 72,210 shares of the stock traded hands, compared to its average volume of 367,983. ArcBest has a 52-week low of $55.19 and a 52-week high of $112.92. The stock's fifty day moving average is $94.61 and its 200-day moving average is $79.49. The company has a market cap of $2.01 billion, a P/E ratio of 34.54, a P/E/G ratio of 0.67 and a beta of 1.48. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.09). ArcBest had a return on equity of 6.51% and a net margin of 1.50%.The firm had revenue of $972.69 million during the quarter, compared to analysts' expectations of $963.74 million. During the same period last year, the business earned $1.33 earnings per share. The business's revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that ArcBest will post 7 earnings per share for the current year.

Institutional Trading of ArcBest

A number of hedge funds have recently modified their holdings of ARCB. AQR Capital Management LLC lifted its position in shares of ArcBest by 300.3% during the 1st quarter. AQR Capital Management LLC now owns 26,896 shares of the transportation company's stock worth $1,898,000 after buying an additional 20,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 acquiring an additional 619 shares in the last quarter. 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 valued at $10,808,000 after acquiring an additional 104,643 shares during the period. Jane Street Group LLC lifted its holdings in shares of ArcBest by 278.2% during the first quarter. Jane Street Group LLC now owns 45,591 shares of the transportation company's stock valued at $3,218,000 after acquiring an additional 33,537 shares during the period. Finally, Intech Investment Management LLC boosted its stake in shares of ArcBest by 3.4% in the 1st quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock valued at $1,421,000 after purchasing an additional 655 shares in the last quarter. Institutional investors 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.

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