Wells Fargo & Company Issues Pessimistic Forecast for ArcBest (NASDAQ:ARCB) Stock Price

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

Several other equities analysts have also issued reports on ARCB. Wolfe Research lowered ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Citigroup lifted their price objective on ArcBest from $110.00 to $127.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Stifel Nicolaus cut their price objective on ArcBest from $131.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. UBS Group cut their price objective on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. cut their price objective on ArcBest from $130.00 to $117.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One equities research 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, ArcBest has a consensus rating of “Hold” and an average target price of $124.50.

ArcBest Price Performance

ARCB opened at $94.61 on Tuesday. The stock’s 50 day simple moving average is $105.59 and its 200 day simple moving average is $107.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. ArcBest has a 1 year low of $91.01 and a 1 year high of $153.60. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 2.56 and a beta of 1.53.

ArcBest (NASDAQ:ARCB) last posted 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 in the previous year, the business earned $2.31 earnings per share. ArcBest’s revenue was down 5.8% compared to the same quarter last year. As a group, analysts predict that ArcBest will post 6.06 earnings per share for the current year.

Insider Buying and Selling at ArcBest

In other ArcBest news, Director Craig E. Philip sold 3,900 shares of ArcBest stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the transaction, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael E. Newcity sold 10,443 shares of ArcBest 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 transaction, the senior vice president now owns 5,051 shares of the company’s stock, valued at $609,150.60. The trade was a 67.40 % decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ARCB. Quest Partners LLC purchased a new position in ArcBest during the second quarter valued at $36,000. PFG Investments LLC raised its stake in shares of ArcBest by 9.7% in the second quarter. PFG Investments LLC now owns 1,986 shares of the transportation company’s stock worth $213,000 after purchasing an additional 175 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of ArcBest by 15.4% in the second quarter. Texas Permanent School Fund Corp now owns 23,892 shares of the transportation company’s stock worth $2,558,000 after purchasing an additional 3,183 shares during the last quarter. American Century Companies Inc. raised its stake in shares of ArcBest by 4.0% in the second quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock worth $56,267,000 after purchasing an additional 20,115 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of ArcBest in the second quarter worth $588,000. Hedge funds and other institutional investors own 99.27% of the company’s stock.

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.