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

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

Several other research firms have also recently commented on ARCB. Truist Financial started coverage on shares of ArcBest in a research note on Thursday, March 13th. They set a “buy” rating and a $93.00 price target on the stock. Citigroup lowered their target price on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Stifel Nicolaus upped their price target on ArcBest from $109.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Stephens reiterated an “overweight” rating and issued a $116.00 price objective on shares of ArcBest in a research report on Tuesday, March 11th. Finally, UBS Group dropped their price objective on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. One 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’s stock. Based on data from MarketBeat.com, ArcBest presently has an average rating of “Hold” and a consensus target price of $107.00.

ArcBest Stock Down 3.8 %

NASDAQ ARCB opened at $70.80 on Thursday. The stock’s 50 day simple moving average is $85.12 and its 200 day simple moving average is $97.90. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. ArcBest has a one year low of $68.83 and a one year high of $153.61. The firm has a market cap of $1.64 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last announced its 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 period last year, the firm earned $2.47 earnings per share. As a group, sell-side analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

Insider Activity at ArcBest

In related news, CFO John Matthew Beasley purchased 700 shares of ArcBest stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,142 shares of the company’s stock, valued at $609,754.38. This represents a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ArcBest

Institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in shares of ArcBest by 1.6% in the 4th quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock valued at $640,000 after purchasing an additional 108 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of ArcBest by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock worth $230,000 after buying an additional 157 shares in the last quarter. Stephens Inc. AR raised its position in ArcBest by 2.1% in the 4th quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock valued at $758,000 after buying an additional 170 shares during the last quarter. Blue Trust Inc. lifted its stake 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 acquiring an additional 177 shares in the last quarter. Finally, Quest Partners LLC boosted its position in ArcBest by 60.6% during the 3rd quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock worth $59,000 after acquiring an additional 206 shares during the last quarter. 99.27% of the stock is owned by 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.