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

ArcBest (NASDAQ:ARCB - Get Free Report) had its price objective boosted by Citigroup from $67.00 to $89.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the transportation company's stock. Citigroup's price objective would indicate a potential upside of 7.31% from the company's current price.

ARCB has been the subject of several other research reports. Jefferies Financial Group reiterated a "buy" rating and set a $85.00 price objective (up previously from $75.00) on shares of ArcBest in a research report on Tuesday, June 10th. TD Cowen lowered their price objective on shares of ArcBest from $80.00 to $72.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen raised shares of ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Stephens restated an "overweight" rating and issued a $116.00 target price on shares of ArcBest in a report on Tuesday, March 11th. Finally, Stifel Nicolaus lowered their target price on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $93.17.

ArcBest Price Performance

Shares of NASDAQ:ARCB traded down $0.02 during mid-day trading on Wednesday, reaching $82.94. The stock had a trading volume of 354,057 shares, compared to its average volume of 320,743. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.90 billion, a P/E ratio of 10.97, a price-to-earnings-growth ratio of 0.89 and a beta of 1.71. ArcBest has a 1 year low of $55.19 and a 1 year high of $129.83. The business's 50 day moving average price is $68.65 and its 200 day moving average price is $77.06.

ArcBest (NASDAQ:ARCB - Get Free Report) last posted its earnings results on Tuesday, April 29th. The transportation company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The firm had revenue of $967.08 million during the quarter, compared to analysts' expectations of $990.03 million. ArcBest had a return on equity of 10.05% and a net margin of 4.37%. ArcBest's quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.34 earnings per share. Research analysts expect that ArcBest will post 7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC purchased a new position in ArcBest in the 1st quarter worth about $381,000. Elevation Point Wealth Partners LLC increased its position in ArcBest by 33.3% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 3,053 shares of the transportation company's stock valued at $215,000 after purchasing an additional 762 shares during the period. GAMMA Investing LLC increased its position in ArcBest by 185.3% during the 1st quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company's stock valued at $101,000 after purchasing an additional 932 shares during the period. Victory Capital Management Inc. increased its position in ArcBest by 6.0% during the 4th quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company's stock valued at $21,709,000 after purchasing an additional 13,152 shares during the period. Finally, Teacher Retirement System of Texas increased its position in ArcBest by 41.5% during the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company's stock valued at $298,000 after purchasing an additional 935 shares during the period. Hedge funds and other institutional investors own 99.27% of the company's stock.

ArcBest Company Profile

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.