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

ArcBest (NASDAQ:ARCB) had its price objective lowered by Wells Fargo & Company from $96.00 to $80.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the transportation company’s stock.

ARCB has been the topic of several other research reports. Truist Financial began coverage on shares of ArcBest in a research report on Thursday, March 13th. They set a “buy” rating and a $93.00 price objective on the stock. Stephens restated an “overweight” rating and set a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Citigroup cut their price objective on ArcBest from $103.00 to $83.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. The Goldman Sachs Group decreased their price objective on ArcBest from $126.00 to $108.00 and set a “neutral” rating on the stock in a report on Friday, March 14th. Finally, Stifel Nicolaus upped their target price on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $107.00.

ArcBest Trading Down 0.2 %

ArcBest stock opened at $73.56 on Thursday. The stock has a market cap of $1.70 billion, a P/E ratio of 10.04, a PEG ratio of 1.70 and a beta of 1.54. ArcBest has a fifty-two week low of $68.83 and a fifty-two week high of $153.61. The firm’s fifty day moving average price is $85.70 and its 200-day moving average price is $98.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.01.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the company posted $2.47 EPS. Equities research analysts forecast that ArcBest will post 7 earnings per share for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Tuesday, February 11th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.48 dividend on an annualized basis and a yield of 0.65%. ArcBest’s dividend payout ratio is currently 6.55%.

Insiders Place Their Bets

In other ArcBest news, CFO John Matthew Beasley purchased 700 shares of the stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $74.89 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Hedge funds have recently made changes to their positions in the business. Quest Partners LLC boosted its holdings in ArcBest by 60.6% in the third quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock valued at $59,000 after acquiring an additional 206 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of ArcBest by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 414,261 shares of the transportation company’s stock valued at $44,927,000 after purchasing an additional 21,905 shares in the last quarter. Citigroup Inc. increased its position in shares of ArcBest by 91.1% during the third quarter. Citigroup Inc. now owns 45,313 shares of the transportation company’s stock valued at $4,914,000 after buying an additional 21,606 shares during the period. BNP Paribas Financial Markets raised its stake in ArcBest by 29.3% in the third quarter. BNP Paribas Financial Markets now owns 12,521 shares of the transportation company’s stock worth $1,358,000 after buying an additional 2,839 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its holdings in ArcBest by 25.6% in the third quarter. Glenmede Trust Co. NA now owns 5,611 shares of the transportation company’s stock worth $609,000 after buying an additional 1,144 shares during the period. 99.27% of the stock is owned by hedge funds and other 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.