Wells Fargo & Company Cuts ArcBest (NASDAQ:ARCB) Price Target to $105.00

ArcBest (NASDAQ:ARCB) had its price objective dropped by research analysts at Wells Fargo & Company from $112.00 to $105.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 4.98% from the stock’s current price.

Other analysts have also issued research reports about the company. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Morgan Stanley reduced their price objective on shares of ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research report on Monday. Stephens reiterated an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a report on Wednesday, September 4th. Bank of America reduced their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. cut their price objective on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, ArcBest presently has an average rating of “Hold” and a consensus price target of $125.83.

ArcBest Trading Down 4.0 %

NASDAQ:ARCB opened at $100.02 on Monday. ArcBest has a 1 year low of $94.76 and a 1 year high of $153.60. The business has a fifty day moving average of $104.68 and a 200-day moving average of $109.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.36 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.20). The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.31 EPS. Equities analysts predict that ArcBest will post 6.89 earnings per share for the current year.

Insider Activity

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares of the company’s stock, valued at approximately $379,344.50. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

Institutional investors and hedge funds have recently bought and sold shares of the business. Westwood Holdings Group Inc. lifted its position in ArcBest by 34.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares in the last quarter. American Century Companies Inc. raised its holdings in ArcBest by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock worth $56,267,000 after purchasing an additional 20,115 shares during the last quarter. Marshall Wace LLP lifted its stake in ArcBest by 158.7% in the second quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock valued at $20,558,000 after buying an additional 117,774 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of ArcBest by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock worth $16,141,000 after buying an additional 1,214 shares during the period. Finally, FAS Wealth Partners Inc. increased its stake in shares of ArcBest by 86.3% in the 2nd quarter. FAS Wealth Partners Inc. now owns 80,050 shares of the transportation company’s stock valued at $8,572,000 after acquiring an additional 37,073 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.