Citigroup Lowers ArcBest (NASDAQ:ARCB) Price Target to $66.00

ArcBest (NASDAQ:ARCB - Get Free Report) had its target price reduced by equities researchers at Citigroup from $83.00 to $66.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the transportation company's stock. Citigroup's price objective would suggest a potential upside of 5.91% from the company's current price.

ARCB has been the topic of a number of other reports. The Goldman Sachs Group dropped their price target on ArcBest from $126.00 to $108.00 and set a "neutral" rating on the stock in a report on Friday, March 14th. Stifel Nicolaus lifted their target price on ArcBest from $109.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, January 23rd. Morgan Stanley reduced their price target on shares of ArcBest from $160.00 to $145.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Bank of America lowered their price objective on shares of ArcBest from $100.00 to $73.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 12th. Finally, Stephens reissued an "overweight" rating and set a $116.00 target price on shares of ArcBest in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ArcBest currently has an average rating of "Hold" and a consensus price target of $101.75.

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ArcBest Trading Down 1.7 %

ARCB stock traded down $1.10 during midday trading on Tuesday, hitting $62.32. The stock had a trading volume of 384,087 shares, compared to its average volume of 299,686. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average price of $77.56 and a two-hundred day moving average price of $94.45. ArcBest has a 1-year low of $57.80 and a 1-year high of $151.54. The firm has a market cap of $1.44 billion, a P/E ratio of 8.50, a price-to-earnings-growth ratio of 1.70 and a beta of 1.62.

ArcBest (NASDAQ:ARCB - Get Free Report) last released its quarterly earnings data on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same period last year, the company posted $2.47 earnings per share. On average, sell-side analysts predict that ArcBest will post 7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO John Matthew Beasley purchased 700 shares of ArcBest stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the acquisition, the chief financial officer now owns 8,142 shares in the company, valued at approximately $609,754.38. The trade was a 9.41 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by company insiders.

Institutional Trading of ArcBest

Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. grew its holdings in ArcBest by 146.3% during the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company's stock valued at $28,000 after purchasing an additional 177 shares during the last quarter. R Squared Ltd purchased a new position in shares of ArcBest during the fourth quarter valued at approximately $40,000. Smartleaf Asset Management LLC grew its stake in shares of ArcBest by 471.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company's stock valued at $51,000 after buying an additional 453 shares during the last quarter. Curat Global LLC purchased a new stake in shares of ArcBest in the first quarter worth approximately $82,000. Finally, KBC Group NV lifted its stake in shares of ArcBest by 34.9% during the 4th quarter. KBC Group NV now owns 1,148 shares of the transportation company's stock worth $107,000 after acquiring an additional 297 shares during the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

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.