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

ArcBest (NASDAQ:ARCB) had its price objective cut by Wells Fargo & Company from $115.00 to $105.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the transportation company’s stock.

Other research analysts have also issued research reports about the company. Jefferies Financial Group reduced their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Wolfe Research lowered ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Citigroup boosted their price target on ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. UBS Group reduced their price target on ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Morgan Stanley reduced their price target on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One investment 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $124.50.

ArcBest Trading Down 0.7 %

NASDAQ:ARCB opened at $94.61 on Tuesday. ArcBest has a 12-month low of $91.01 and a 12-month high of $153.60. The firm has a market capitalization of $2.21 billion, a P/E ratio of 11.68, a P/E/G ratio of 2.56 and a beta of 1.53. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day simple moving average of $105.34 and a 200 day simple moving average of $107.09.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. Equities research analysts predict that ArcBest will post 6.06 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.51%. The ex-dividend date was Wednesday, November 13th. ArcBest’s payout ratio is 5.93%.

Insider Activity at ArcBest

In other news, Director Craig E. Philip sold 3,900 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the sale, the director now owns 23,250 shares in the company, valued at approximately $2,555,407.50. This represents a 14.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total value of $1,259,425.80. Following the sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This trade represents a 67.40 % decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Institutional Trading of ArcBest

Several hedge funds have recently added to or reduced their stakes in ARCB. Quarry LP grew its holdings in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock worth $26,000 after purchasing an additional 134 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of ArcBest during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC grew its holdings in shares of ArcBest by 63.7% during the 3rd quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock worth $56,000 after purchasing an additional 200 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of ArcBest by 17.9% during the 3rd quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company’s stock worth $68,000 after purchasing an additional 95 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of ArcBest by 36.8% during the 3rd quarter. KBC Group NV now owns 851 shares of the transportation company’s stock worth $92,000 after purchasing an additional 229 shares in the last quarter. Institutional investors own 99.27% of the company’s stock.

ArcBest Company Profile

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.