ArcBest (NASDAQ:ARCB) Given New $96.00 Price Target at Wells Fargo & Company

ArcBest (NASDAQ:ARCB) had its target price cut by Wells Fargo & Company from $105.00 to $96.00 in a research note published on Monday,Benzinga reports. They currently have an equal weight rating on the transportation company’s stock.

ARCB has been the topic of a number of other research reports. Wolfe Research lowered shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Stifel Nicolaus increased their price objective on shares of ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and cut their price objective for the stock from $131.00 to $114.00 in a research note on Monday, October 14th. The Goldman Sachs Group cut their price objective on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, UBS Group cut their price objective on shares of ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, ArcBest presently has an average rating of “Hold” and a consensus target price of $118.91.

ArcBest Trading Down 4.4 %

NASDAQ ARCB opened at $91.40 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.01 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.14 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.78 and a beta of 1.51. The company has a 50 day moving average price of $100.88 and a 200 day moving average price of $105.45. ArcBest has a 52 week low of $90.25 and a 52 week high of $153.60.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 EPS. As a group, sell-side analysts forecast that ArcBest will post 7.5 EPS for the current fiscal year.

ArcBest Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Tuesday, February 11th. ArcBest’s dividend payout ratio (DPR) is presently 6.55%.

Insider Buying and Selling at ArcBest

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the transaction, the senior vice president now directly owns 5,051 shares of the company’s stock, valued at $609,150.60. This trade represents a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Craig E. Philip sold 3,900 shares of the stock in a transaction on 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 directly owns 23,250 shares in the company, 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. Insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On ArcBest

Hedge funds have recently modified their holdings of the business. State Street Corp raised its position in shares of ArcBest by 1.9% in the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock valued at $103,831,000 after buying an additional 17,542 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of ArcBest by 24.6% in the third 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 during the last quarter. Intech Investment Management LLC raised its position in shares of ArcBest by 92.3% in the third quarter. Intech Investment Management LLC now owns 10,753 shares of the transportation company’s stock valued at $1,166,000 after buying an additional 5,161 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ArcBest by 16.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock valued at $12,653,000 after buying an additional 16,103 shares during the last quarter. Finally, Barclays PLC raised its position in shares of ArcBest by 342.5% in the third quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after buying an additional 33,386 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.