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

ArcBest (NASDAQ:ARCB) had its price target dropped by equities research analysts at Wells Fargo & Company from $115.00 to $105.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.98% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group decreased their price target on ArcBest from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, October 10th. The Goldman Sachs Group reduced their price objective on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Wolfe Research downgraded ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. StockNews.com upgraded ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Finally, UBS Group reduced their price objective on ArcBest from $111.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $124.50.

ArcBest Price Performance

Shares of NASDAQ:ARCB opened at $94.61 on Tuesday. The stock’s 50 day moving average is $105.59 and its 200-day moving average is $107.18. ArcBest has a twelve month low of $91.01 and a twelve month high of $153.60. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 2.56 and a beta of 1.53. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings results 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 return on equity of 14.27% and a net margin of 4.54%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the company posted $2.31 EPS. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. Sell-side analysts forecast that ArcBest will post 6.06 EPS for the current fiscal year.

Insider Buying and Selling

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 5,051 shares of the company’s stock, valued at $609,150.60. This trade represents a 67.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Craig E. Philip sold 3,900 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the sale, the director now directly owns 23,250 shares in the company, valued at approximately $2,555,407.50. The trade was a 14.36 % decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Institutional Trading of ArcBest

Several institutional investors and hedge funds have recently modified their holdings of ARCB. JPMorgan Chase & Co. raised its holdings in shares of ArcBest by 24.6% during 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. Sanctuary Advisors LLC raised its holdings in shares of ArcBest by 5.4% during the 3rd 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 in the last quarter. Virtu Financial LLC purchased a new position in shares of ArcBest during the 3rd quarter valued at about $485,000. Geode Capital Management LLC raised its holdings in shares of ArcBest by 0.6% during the 3rd 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 in the last quarter. Finally, Impala Asset Management LLC raised its holdings in shares of ArcBest by 51.1% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.