Citigroup Lowers ArcBest (NASDAQ:ARCB) Price Target to $79.00

Key Points

• Citigroup has lowered its price target for ArcBest from $83.00 to $79.00, maintaining a "neutral" rating, suggesting a potential upside of 10.46% from its previous close.
• Other analysts such as Morgan Stanley and Goldman Sachs have also adjusted their price targets, with the consensus rating for ArcBest currently being "Hold" at an average target of $89.17.
• ArcBest's recent quarterly earnings reported a miss in earnings per share at $1.36, falling short of analyst expectations, with a decline in year-over-year revenue by 5.1%.

ArcBest (NASDAQ:ARCB - Get Free Report) had its price objective decreased by stock analysts at Citigroup from $83.00 to $79.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the transportation company's stock. Citigroup's price objective points to a potential upside of 11.27% from the stock's previous close.

A number of other analysts also recently weighed in on the stock. Morgan Stanley decreased their target price on shares of ArcBest from $140.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $85.00 price objective (up from $75.00) on shares of ArcBest in a research note on Tuesday, June 10th. Bank of America upgraded shares of ArcBest from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $63.00 to $74.00 in a research report on Tuesday, June 10th. Zacks Research upgraded shares of ArcBest to a "strong sell" rating in a report on Monday, August 11th. Finally, Stifel Nicolaus cut their price target on shares of ArcBest from $93.00 to $81.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $89.17.

ArcBest Trading Up 1.0%

NASDAQ:ARCB traded up $0.67 during trading hours on Wednesday, hitting $71.00. 98,373 shares of the company were exchanged, compared to its average volume of 363,866. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 1.25 and a beta of 1.69. ArcBest has a one year low of $55.19 and a one year high of $123.25. The company has a fifty day simple moving average of $75.94 and a 200 day simple moving average of $70.69. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company posted $1.98 EPS. The company's quarterly revenue was down 5.1% on a year-over-year basis. Sell-side analysts expect that ArcBest will post 7 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in shares of ArcBest by 61.2% during the second quarter. Osaic Holdings Inc. now owns 4,283 shares of the transportation company's stock worth $330,000 after purchasing an additional 1,626 shares during the period. Impala Asset Management LLC acquired a new stake in ArcBest in the 2nd quarter valued at $5,468,000. Public Sector Pension Investment Board increased its stake in ArcBest by 5.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 78,096 shares of the transportation company's stock valued at $6,014,000 after purchasing an additional 4,251 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in ArcBest by 803.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,413 shares of the transportation company's stock worth $186,000 after buying an additional 2,146 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new position in shares of ArcBest in the second quarter valued at $301,000. 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.