Wells Fargo & Company Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price objective reduced by research analysts at Wells Fargo & Company from $112.00 to $105.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 0.86% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. TD Cowen cut shares of ArcBest from a “buy” rating to a “hold” rating and decreased their price objective for the company from $131.00 to $114.00 in a report on Monday, October 14th. JPMorgan Chase & Co. dropped their target price on shares of ArcBest from $134.00 to $133.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Stifel Nicolaus reduced their target price on ArcBest from $131.00 to $119.00 and set a “buy” rating for the company in a report on Monday, October 21st. Finally, StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. One 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $123.17.

ArcBest Stock Up 3.5 %

ArcBest stock opened at $104.10 on Monday. The firm has a market capitalization of $2.46 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.31 and a beta of 1.47. The company has a 50-day simple moving average of $104.48 and a 200-day simple moving average of $109.45. ArcBest has a one year low of $94.76 and a one year high of $153.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.19 and a current ratio of 1.04.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share 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 business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the firm posted $2.31 EPS. The business’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, equities analysts expect that ArcBest will post 6.89 earnings per share for the current year.

Insider Activity at ArcBest

In other ArcBest news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the purchase, the director now directly owns 3,650 shares in the company, valued at $379,344.50. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On ArcBest

A number of large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC increased its holdings in shares of ArcBest by 3.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,858 shares of the transportation company’s stock valued at $550,000 after acquiring an additional 131 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in ArcBest by 2.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 25,397 shares of the transportation company’s stock worth $3,619,000 after acquiring an additional 694 shares during the last quarter. GSA Capital Partners LLP boosted its holdings in ArcBest by 135.1% during the first quarter. GSA Capital Partners LLP now owns 5,130 shares of the transportation company’s stock valued at $731,000 after acquiring an additional 2,948 shares during the period. Texas Permanent School Fund Corp grew its position in shares of ArcBest by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 20,709 shares of the transportation company’s stock valued at $2,951,000 after purchasing an additional 268 shares during the last quarter. Finally, Lisanti Capital Growth LLC bought a new stake in ArcBest during the 1st quarter valued at approximately $3,524,000. 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.