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

ArcBest (NASDAQ:ARCB) had its price target reduced by Citigroup from $83.00 to $66.00 in a research note issued to investors on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the transportation company’s stock.

A number of other equities analysts have also issued reports on the stock. Stephens reissued an “overweight” rating and set a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Stifel Nicolaus upped their price target on shares of ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. The Goldman Sachs Group reduced their price objective on ArcBest from $126.00 to $108.00 and set a “neutral” rating for the company in a research note on Friday, March 14th. Truist Financial initiated coverage on ArcBest in a research note on Thursday, March 13th. They issued a “buy” rating and a $93.00 target price on the stock. Finally, Bank of America reduced their price target on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday, March 12th. One research 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 data from MarketBeat.com, ArcBest currently has a consensus rating of “Hold” and an average price target of $101.75.

ArcBest Trading Down 11.6 %

NASDAQ ARCB opened at $63.42 on Tuesday. ArcBest has a 12-month low of $57.80 and a 12-month high of $152.35. The company has a fifty day simple moving average of $78.22 and a two-hundred day simple moving average of $94.79. 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 stock has a market cap of $1.47 billion, a P/E ratio of 8.65, a P/E/G ratio of 1.70 and a beta of 1.62.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results 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 return on equity of 11.79% and a net margin of 4.16%. During the same quarter in the prior year, the firm posted $2.47 EPS. On average, analysts forecast that ArcBest will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Tuesday, February 11th. ArcBest’s dividend payout ratio is presently 6.55%.

Insider Activity

In other news, CFO John Matthew Beasley bought 700 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $74.89 per share, for a total transaction 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 $609,754.38. The trade was a 9.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of ArcBest by 146.3% during the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after buying an additional 177 shares in the last quarter. R Squared Ltd purchased a new stake in ArcBest during the 4th quarter valued at about $40,000. Smartleaf Asset Management LLC raised its holdings in ArcBest by 471.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after acquiring an additional 453 shares during the last quarter. KBC Group NV lifted its stake in ArcBest by 34.9% in the 4th quarter. KBC Group NV now owns 1,148 shares of the transportation company’s stock worth $107,000 after purchasing an additional 297 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of ArcBest during the 4th quarter worth approximately $206,000. 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.