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

ArcBest (NASDAQ:ARCB) had its price objective decreased by equities researchers at Wells Fargo & Company from $80.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 3.79% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. TD Cowen lowered their price objective on ArcBest from $80.00 to $72.00 and set a “hold” rating on the stock in a research report on Wednesday. Citigroup lowered their price target on shares of ArcBest from $83.00 to $66.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. The Goldman Sachs Group reduced their price objective on shares of ArcBest from $108.00 to $97.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Stifel Nicolaus lowered their target price on shares of ArcBest from $102.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Bank of America dropped their price target on shares of ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $88.75.

ArcBest Price Performance

Shares of ArcBest stock opened at $57.81 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The company has a market cap of $1.34 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.62. The firm has a fifty day moving average price of $68.52 and a two-hundred day moving average price of $90.28. ArcBest has a fifty-two week low of $55.19 and a fifty-two week high of $129.83.

ArcBest (NASDAQ:ARCB) last released its earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The firm had revenue of $967.08 million for the quarter, compared to analyst estimates of $990.03 million. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the business earned $1.34 earnings per share. Analysts expect that ArcBest will post 7 EPS for the current year.

Insider Buying and Selling

In other ArcBest news, CFO John Matthew Beasley acquired 700 shares of ArcBest stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $74.89 per share, with a total value of $52,423.00. Following the completion of the purchase, the chief financial officer now owns 8,142 shares in the company, valued at $609,754.38. This trade represents a 9.41 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in ArcBest by 24.6% during the 3rd 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 during the last quarter. Barclays PLC lifted its position in shares of ArcBest by 342.5% during the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock worth $4,678,000 after purchasing an additional 33,386 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of ArcBest by 6.0% during the fourth quarter. Victory Capital Management Inc. now owns 232,627 shares of the transportation company’s stock valued at $21,709,000 after purchasing an additional 13,152 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of ArcBest by 7.4% in the fourth quarter. Sanctuary Advisors LLC now owns 4,429 shares of the transportation company’s stock valued at $419,000 after purchasing an additional 306 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in ArcBest by 41.5% in the 4th quarter. Teacher Retirement System of Texas now owns 3,190 shares of the transportation company’s stock worth $298,000 after purchasing an additional 935 shares during the last quarter. 99.27% of the stock is owned by institutional investors.

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.