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

ArcBest (NASDAQ:ARCB) had its target price reduced by investment analysts at Wells Fargo & Company from $105.00 to $96.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 1.63% from the company’s current price.

Several other analysts have also issued reports on ARCB. Stifel Nicolaus increased their price objective on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group decreased their price target on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Citigroup upped their target price on shares of ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Finally, Morgan Stanley cut their target price on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $119.82.

ArcBest Price Performance

ARCB traded down $1.15 on Monday, reaching $94.46. The company had a trading volume of 114,455 shares, compared to its average volume of 251,635. The company has a market capitalization of $2.21 billion, a P/E ratio of 12.92, a PEG ratio of 1.78 and a beta of 1.51. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. ArcBest has a one year low of $90.25 and a one year high of $153.60. The company has a fifty day moving average of $101.30 and a 200-day moving average of $105.64.

ArcBest (NASDAQ:ARCB) last posted 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 net margin of 4.16% and a return on equity of 11.79%. During the same quarter last year, the business posted $2.47 earnings per share. As a group, equities research analysts anticipate that ArcBest will post 7.5 earnings per share for the current year.

Insider Buying and Selling at ArcBest

In other news, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 5,051 shares of the company’s stock, valued at approximately $609,150.60. This represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction that occurred 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 sale, the director now directly owns 23,250 shares of the company’s stock, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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 ARCB. JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 43,707 shares in the last quarter. Barclays PLC boosted its holdings in shares of ArcBest by 342.5% in the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Partners Group Holding AG increased its stake in shares of ArcBest by 51.5% in the 3rd quarter. Partners Group Holding AG now owns 87,842 shares of the transportation company’s stock valued at $9,526,000 after purchasing an additional 29,849 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of ArcBest by 5.6% during the 3rd 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. lifted its position in shares of 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 buying an additional 21,606 shares during the last quarter. 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.