ArcBest (NASDAQ:ARCB) Given New $127.00 Price Target at Citigroup

ArcBest (NASDAQ:ARCB) had its price target raised by Citigroup from $110.00 to $127.00 in a report published on Tuesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

ARCB has been the topic of a number of other reports. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. UBS Group dropped their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, November 4th. The Goldman Sachs Group lowered their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and cut their target price for the stock from $131.00 to $114.00 in a report on Monday, October 14th. Finally, Jefferies Financial Group decreased their target price on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, ArcBest currently has an average rating of “Hold” and an average target price of $124.50.

ArcBest Trading Down 2.8 %

NASDAQ ARCB opened at $108.39 on Tuesday. The business has a 50 day simple moving average of $106.31 and a 200 day simple moving average of $108.65. The stock has a market capitalization of $2.54 billion, a P/E ratio of 13.38, a P/E/G ratio of 2.84 and a beta of 1.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. ArcBest has a one year low of $94.76 and a one year high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.31 earnings per share. Research analysts expect that ArcBest will post 6.19 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.44%. ArcBest’s payout ratio is currently 5.93%.

Insiders Place Their Bets

In other news, SVP Michael E. Newcity sold 10,443 shares of ArcBest stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the transaction, the senior vice president now owns 5,051 shares in the company, valued at $609,150.60. The trade was a 67.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. raised its holdings in ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock valued at $62,509,000 after acquiring an additional 150,467 shares in the last quarter. Marshall Wace LLP increased its position in ArcBest by 158.7% during the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares during the period. Emerald Advisers LLC purchased a new stake in shares of ArcBest during the 2nd quarter worth $6,812,000. Mutual of America Capital Management LLC boosted its holdings in ArcBest by 1,455.0% during the second quarter. Mutual of America Capital Management LLC now owns 63,399 shares of the transportation company’s stock worth $6,789,000 after buying an additional 59,322 shares in the last quarter. Finally, Zimmer Partners LP acquired a new stake in shares of ArcBest in the 1st quarter worth approximately $7,838,000. 99.27% of the stock is currently owned by institutional investors and hedge funds.

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.