Wells Fargo & Company Lowers ArcBest (NASDAQ:ARCB) Price Target to $96.00

ArcBest (NASDAQ:ARCB) had its price objective cut by stock analysts at Wells Fargo & Company from $105.00 to $96.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 0.63% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley reduced their target price on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a report on Monday. Jefferies Financial Group reduced their price target on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. UBS Group dropped their price objective on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup raised their target price on shares of ArcBest from $110.00 to $127.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Finally, Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $118.91.

ArcBest Price Performance

Shares of ARCB stock opened at $95.40 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. ArcBest has a 12-month low of $90.25 and a 12-month high of $153.60. The firm has a fifty day moving average of $100.53 and a 200-day moving average of $105.28. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.78 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) 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 return on equity of 11.79% and a net margin of 4.16%. During the same quarter in the previous year, the firm posted $2.47 EPS. On average, equities research analysts forecast that ArcBest will post 7.5 earnings per share for the current year.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Craig E. Philip sold 3,900 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total value of $428,649.00. Following the transaction, the director now directly owns 23,250 shares of the company’s stock, valued at $2,555,407.50. This represents a 14.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.18% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in ArcBest by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock valued at $24,022,000 after purchasing an additional 43,707 shares during the period. Barclays PLC boosted its stake in shares of ArcBest by 342.5% in the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after buying an additional 33,386 shares during the period. Partners Group Holding AG boosted its stake in shares of ArcBest by 51.5% in the third quarter. Partners Group Holding AG now owns 87,842 shares of the transportation company’s stock valued at $9,526,000 after buying an additional 29,849 shares during the period. Charles Schwab Investment Management Inc. grew its position in ArcBest by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock worth $44,927,000 after buying an additional 21,905 shares in the last quarter. Finally, Citigroup Inc. increased its stake in ArcBest by 91.1% during the 3rd quarter. Citigroup Inc. now owns 45,313 shares of the transportation company’s stock worth $4,914,000 after acquiring an additional 21,606 shares during the period. 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.