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

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

ARCB has been the subject of several other research reports. Morgan Stanley cut their price objective on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lowered their target price on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Finally, TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and lowered their target price for the company from $131.00 to $114.00 in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, ArcBest presently has a consensus rating of “Hold” and a consensus price target of $124.50.

ArcBest Price Performance

ArcBest stock opened at $94.61 on Tuesday. 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 company has a market capitalization of $2.21 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 2.56 and a beta of 1.53. ArcBest has a one year low of $91.01 and a one year high of $153.60. 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 issued its quarterly earnings data on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.20). ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, sell-side analysts forecast that ArcBest will post 6.06 EPS for the current fiscal year.

ArcBest Dividend Announcement

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

Insider Buying and Selling at ArcBest

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

Institutional Trading of ArcBest

A number of institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in ArcBest by 24.6% during the third quarter. JPMorgan Chase & Co. now owns 221,507 shares of the transportation company’s stock worth $24,022,000 after acquiring an additional 43,707 shares in the last quarter. Sanctuary Advisors LLC raised its stake in ArcBest by 5.4% in the third quarter. Sanctuary Advisors LLC now owns 4,123 shares of the transportation company’s stock valued at $453,000 after buying an additional 213 shares during the period. Virtu Financial LLC bought a new stake in ArcBest in the third quarter valued at approximately $485,000. Geode Capital Management LLC raised its stake in ArcBest by 0.6% in the third quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company’s stock valued at $59,856,000 after buying an additional 3,475 shares during the period. Finally, Impala Asset Management LLC raised its stake in ArcBest by 51.1% in the third quarter. Impala Asset Management LLC now owns 34,000 shares of the transportation company’s stock valued at $3,687,000 after buying an additional 11,500 shares during the period. 99.27% of the stock is currently owned by institutional investors.

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.