Wells Fargo & Company Lowers ArcBest (NASDAQ:ARCB) Price Target to $80.00

ArcBest (NASDAQ:ARCB) had its price objective dropped by equities research analysts at Wells Fargo & Company from $96.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.99% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Citigroup reduced their price target on shares of ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Bank of America cut their price target on ArcBest from $100.00 to $73.00 and set an “underperform” rating for the company in a research note on Wednesday, March 12th. Truist Financial assumed coverage on ArcBest in a research note on Thursday, March 13th. They issued a “buy” rating and a $93.00 price target for the company. Morgan Stanley cut their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, UBS Group decreased their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $107.00.

ArcBest Stock Down 3.8 %

ARCB stock opened at $70.80 on Thursday. ArcBest has a 52-week low of $68.83 and a 52-week high of $153.61. 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 firm has a market capitalization of $1.64 billion, a P/E ratio of 9.66, a P/E/G ratio of 1.70 and a beta of 1.54. The company’s 50 day simple moving average is $85.12 and its 200-day simple moving average is $97.90.

ArcBest (NASDAQ:ARCB) last issued its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. ArcBest had a return on equity of 11.79% and a net margin of 4.16%. During the same quarter in the prior year, the business earned $2.47 EPS. As a group, equities research analysts anticipate that ArcBest will post 7 EPS for the current year.

Insiders Place Their Bets

In related news, CFO John Matthew Beasley purchased 700 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the transaction, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at approximately $609,754.38. This trade represents a 9.41 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.28% of the company’s stock.

Institutional Trading of ArcBest

Several institutional investors have recently modified their holdings of the company. State Street Corp lifted its position in ArcBest by 1.9% in the third quarter. State Street Corp now owns 957,410 shares of the transportation company’s stock worth $103,831,000 after purchasing an additional 17,542 shares during the period. JPMorgan Chase & Co. raised its stake in shares of ArcBest by 24.6% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ArcBest by 16.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,672 shares of the transportation company’s stock worth $12,653,000 after acquiring an additional 16,103 shares during the period. Barclays PLC boosted its position in shares of ArcBest by 342.5% during the 3rd quarter. Barclays PLC now owns 43,134 shares of the transportation company’s stock valued at $4,678,000 after acquiring an additional 33,386 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in ArcBest by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after acquiring an additional 21,905 shares during the period. Institutional investors and hedge funds 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.