ArcBest (NASDAQ:ARCB) Price Target Lowered to $83.00 at Citigroup

ArcBest (NASDAQ:ARCB) had its target price reduced by Citigroup from $87.00 to $83.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the transportation company’s stock.

Several other brokerages also recently commented on ARCB. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a report on Wednesday, October 8th. Zacks Research upgraded ArcBest to a “strong sell” rating in a research report on Monday, August 11th. Stifel Nicolaus upped their target price on ArcBest from $81.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. UBS Group reduced their price target on ArcBest from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Finally, Bank of America decreased their price target on ArcBest from $73.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $85.00.

ArcBest Stock Performance

NASDAQ:ARCB opened at $64.80 on Tuesday. The firm has a market capitalization of $1.46 billion, a PE ratio of 15.39, a PEG ratio of 8.15 and a beta of 1.52. The stock’s fifty day moving average is $69.16 and its 200 day moving average is $71.61. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $113.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.98 and a current ratio of 0.98.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings data on Wednesday, November 5th. The transportation company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.37 by $0.09. ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm earned $1.64 earnings per share. ArcBest’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ArcBest will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. ArcBest’s dividend payout ratio is 11.40%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Turtle Creek Asset Management Inc. purchased a new stake in shares of ArcBest during the 3rd quarter worth $39,508,000. Ameriprise Financial Inc. raised its holdings in ArcBest by 158.7% in the second quarter. Ameriprise Financial Inc. now owns 490,064 shares of the transportation company’s stock worth $37,740,000 after purchasing an additional 300,642 shares in the last quarter. Nuveen LLC purchased a new stake in shares of ArcBest during the first quarter valued at about $18,460,000. Westwood Holdings Group Inc. boosted its holdings in shares of ArcBest by 36.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company’s stock valued at $61,353,000 after buying an additional 233,409 shares in the last quarter. Finally, Ancora Advisors LLC grew its position in shares of ArcBest by 1,812.9% in the 1st quarter. Ancora Advisors LLC now owns 204,587 shares of the transportation company’s stock worth $14,440,000 after buying an additional 193,892 shares during the last quarter. Hedge funds and other 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.