Wells Fargo & Company Cuts ArcBest (NASDAQ:ARCB) Price Target to $105.00

ArcBest (NASDAQ:ARCB) had its price objective trimmed by Wells Fargo & Company from $112.00 to $105.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the transportation company’s stock.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on ArcBest from $134.00 to $133.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Jefferies Financial Group decreased their price objective on ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of ArcBest in a research note on Wednesday, September 4th. Citigroup began coverage on ArcBest in a research report on Wednesday, October 9th. They set a “neutral” rating and a $111.00 target price on the stock. Finally, TD Cowen downgraded 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 report on Monday, October 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $123.17.

ArcBest Price Performance

ArcBest stock opened at $120.81 on Monday. ArcBest has a 12 month low of $94.76 and a 12 month high of $153.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.19. The business has a 50 day simple moving average of $104.79 and a 200-day simple moving average of $109.53. The stock has a market capitalization of $2.86 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 1.31 and a beta of 1.47.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 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 analysts’ expectations of $1.07 billion. During the same quarter last year, the company earned $2.31 EPS. ArcBest’s revenue for the quarter was down 5.8% compared to the same quarter last year. Equities analysts predict that ArcBest will post 6.89 earnings per share for the current year.

ArcBest Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Wednesday, November 13th. ArcBest’s dividend payout ratio is 5.93%.

Insider Activity

In other news, Director Salvatore A. Abbate bought 1,000 shares of the stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $103.93 per share, with a total value of $103,930.00. Following the acquisition, the director now owns 3,650 shares in the company, valued at $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quarry LP raised its position in shares of ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 134 shares during the period. Innealta Capital LLC bought a new position in shares of ArcBest in the second quarter valued at $33,000. Quest Partners LLC bought a new position in shares of ArcBest in the second quarter valued at $36,000. Cultivar Capital Inc. bought a new position in shares of ArcBest in the second quarter valued at $43,000. Finally, Mather Group LLC. bought a new position in ArcBest during the second quarter worth $46,000. 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.