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

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

Several other analysts have also weighed in on ARCB. UBS Group lowered their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group cut their target price on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Morgan Stanley decreased their target price on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Citigroup boosted their price objective on ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $119.82.

ArcBest Stock Performance

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

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, January 31st. The transportation company reported $1.33 EPS for the quarter, topping 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 in the previous year, the firm earned $2.47 EPS. Research analysts predict that ArcBest will post 7.5 earnings per share for the current year.

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 shares were sold at an average price of $109.91, for a total transaction of $428,649.00. Following the transaction, the director now 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael E. Newcity sold 10,443 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now directly owns 5,051 shares in the company, 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 corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ARCB. Quarry LP raised its holdings in ArcBest by 120.7% during the second 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. Blue Trust Inc. lifted its holdings in ArcBest by 146.3% in the 4th quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after purchasing an additional 177 shares in the last quarter. R Squared Ltd acquired a new stake in ArcBest during the fourth quarter worth approximately $40,000. GAMMA Investing LLC grew its position in shares of ArcBest by 63.7% in the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 200 shares during the period. Finally, Quest Partners LLC boosted its stake in ArcBest by 60.6% in the 3rd quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock worth $59,000 after buying an additional 206 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other 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.