Wells Fargo & Company Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its price objective cut by Wells Fargo & Company from $115.00 to $105.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the transportation company’s stock.

Several other equities research analysts also recently weighed in on the stock. StockNews.com upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a research note on Thursday, October 3rd. Wolfe Research cut ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. UBS Group dropped their target price on ArcBest from $111.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Morgan Stanley cut their price target on ArcBest from $175.00 to $170.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Jefferies Financial Group lowered their price objective on shares of ArcBest from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $124.50.

ArcBest Trading Down 1.5 %

ARCB opened at $95.28 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. ArcBest has a 52 week low of $91.01 and a 52 week high of $153.60. The business’s 50 day moving average is $105.59 and its two-hundred day moving average is $107.18. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 2.56 and a beta of 1.53.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, November 1st. The transportation company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.20). The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. ArcBest had a net margin of 4.54% and a return on equity of 14.27%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.31 earnings per share. On average, research analysts predict that ArcBest will post 6.06 EPS for the current year.

ArcBest Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Wednesday, November 13th were issued a $0.12 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.50%. ArcBest’s dividend payout ratio is presently 5.93%.

Insider Buying and Selling

In other ArcBest news, SVP Michael E. Newcity sold 10,443 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $120.60, for a total transaction of $1,259,425.80. Following the sale, the senior vice president now directly owns 5,051 shares in the company, valued at approximately $609,150.60. The trade was a 67.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig E. Philip sold 3,900 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $109.91, for a total value of $428,649.00. Following the completion of the sale, the director now directly owns 23,250 shares in the company, valued at $2,555,407.50. This trade represents a 14.36 % decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.

Institutional Trading of ArcBest

Several institutional investors and hedge funds have recently modified their holdings of ARCB. State Street Corp lifted its stake in ArcBest by 1.9% in the 3rd 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 in the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of ArcBest by 34.7% in the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after acquiring an additional 150,467 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ArcBest by 0.6% in the third quarter. Geode Capital Management LLC now owns 551,821 shares of the transportation company’s stock valued at $59,856,000 after acquiring an additional 3,475 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of ArcBest by 4.0% during the second quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock valued at $56,267,000 after acquiring an additional 20,115 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in ArcBest by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock worth $44,927,000 after purchasing an additional 21,905 shares in the last quarter. 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.