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

ArcBest (NASDAQ:ARCB) had its price target lowered by Citigroup from $103.00 to $83.00 in a report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the transportation company’s stock.

ARCB has been the subject of a number of other research reports. Stephens reaffirmed an “overweight” rating and set a $116.00 price objective on shares of ArcBest in a research report on Tuesday. Stifel Nicolaus lifted their price objective on shares of ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. UBS Group cut their price target on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company cut their price target on shares of ArcBest from $105.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, Morgan Stanley dropped their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. One equities 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $109.75.

ArcBest Stock Up 0.2 %

Shares of NASDAQ ARCB opened at $73.03 on Tuesday. The company has a 50 day simple moving average of $90.45 and a 200-day simple moving average of $100.27. The company has a market capitalization of $1.69 billion, a P/E ratio of 9.96, a P/E/G ratio of 1.70 and a beta of 1.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest has a 1 year low of $70.96 and a 1 year high of $153.61.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company posted $2.47 earnings per share. On average, equities research analysts predict that ArcBest will post 7 earnings per share for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.66%. The ex-dividend date was Tuesday, February 11th. ArcBest’s dividend payout ratio (DPR) is presently 6.55%.

Insider Buying and Selling at ArcBest

In other news, CFO John Matthew Beasley acquired 700 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the transaction, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. This represents a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Institutional investors and hedge funds have recently bought and sold shares of the stock. OneDigital Investment Advisors LLC increased its position in shares of ArcBest by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 2,509 shares of the transportation company’s stock worth $272,000 after acquiring an additional 86 shares in the last quarter. Avior Wealth Management LLC boosted its stake in ArcBest by 17.9% during the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock valued at $68,000 after acquiring an additional 95 shares during the last quarter. Arizona State Retirement System boosted its stake in ArcBest by 1.6% during the 4th quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock valued at $640,000 after acquiring an additional 108 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in ArcBest by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock valued at $230,000 after acquiring an additional 157 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in ArcBest by 2.1% during the 4th quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock valued at $758,000 after acquiring an additional 170 shares during the last quarter. Institutional investors and hedge funds 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.