Citigroup Forecasts Strong Price Appreciation for ArcBest (NASDAQ:ARCB) Stock

ArcBest (NASDAQ:ARCB - Get Free Report) had its price objective increased by Citigroup from $67.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the transportation company's stock. Citigroup's price objective suggests a potential upside of 5.43% from the company's current price.

A number of other brokerages have also recently issued reports on ARCB. Stephens restated an "overweight" rating and set a $116.00 price objective on shares of ArcBest in a report on Tuesday, March 11th. Bank of America upgraded ArcBest from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $63.00 to $74.00 in a report on Tuesday, June 10th. Stifel Nicolaus dropped their price target on shares of ArcBest from $102.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group upgraded shares of ArcBest from a "neutral" rating to a "buy" rating and lifted their price target for the company from $84.00 to $101.00 in a research report on Monday, June 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $93.17.

ArcBest Stock Performance

NASDAQ:ARCB traded up $1.48 during mid-day trading on Wednesday, hitting $84.42. The stock had a trading volume of 352,953 shares, compared to its average volume of 320,872. ArcBest has a twelve month low of $55.19 and a twelve month high of $129.83. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 0.89 and a beta of 1.71. The company's 50 day simple moving average is $68.65 and its 200 day simple moving average is $77.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

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

Institutional Trading of ArcBest

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC grew its stake in shares of ArcBest by 21.0% during the first quarter. Voya Investment Management LLC now owns 14,780 shares of the transportation company's stock worth $1,043,000 after buying an additional 2,567 shares during the last quarter. Strs Ohio bought a new stake in shares of ArcBest during the first quarter worth $473,000. Intech Investment Management LLC grew its stake in shares of ArcBest by 3.4% during the first quarter. Intech Investment Management LLC now owns 20,135 shares of the transportation company's stock worth $1,421,000 after buying an additional 655 shares during the last quarter. Jane Street Group LLC grew its stake 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 worth $3,218,000 after buying an additional 33,537 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 worth $10,808,000 after buying an additional 104,643 shares during the last quarter. Institutional investors 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.