ArcBest (NASDAQ:ARCB) Lowered to “Equal Weight” at Wells Fargo & Company

ArcBest (NASDAQ:ARCB) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, FinViz reports. They currently have a $112.00 price objective on the transportation company’s stock, down from their prior price objective of $122.00. Wells Fargo & Company‘s price objective points to a potential upside of 6.36% from the stock’s current price.

ARCB has been the topic of several other research reports. JPMorgan Chase & Co. lifted their target price on ArcBest from $127.00 to $134.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Bank of America upped their price objective on ArcBest from $110.00 to $112.00 and gave the company an “underperform” rating in a research note on Monday, July 22nd. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a report on Monday, August 5th. TD Cowen dropped their price objective on shares of ArcBest from $148.00 to $136.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Stifel Nicolaus cut their price target on ArcBest from $150.00 to $131.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, ArcBest currently has an average rating of “Moderate Buy” and a consensus target price of $141.73.

ArcBest Stock Performance

ARCB stock opened at $105.30 on Wednesday. The stock has a 50-day moving average price of $110.92 and a 200-day moving average price of $120.84. The firm has a market cap of $2.47 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 1.17 and a beta of 1.48. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest has a 1-year low of $86.93 and a 1-year high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the business posted $1.54 earnings per share. As a group, equities research analysts expect that ArcBest will post 7.39 earnings per share for the current year.

Insider Transactions at ArcBest

In related news, Director Salvatore A. Abbate purchased 1,000 shares of ArcBest stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $103.93 per share, for a total transaction of $103,930.00. Following the transaction, the director now directly owns 3,650 shares in the company, valued at $379,344.50. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.65% of the company’s stock.

Institutional Trading of ArcBest

A number of hedge funds have recently bought and sold shares of ARCB. EverSource Wealth Advisors LLC increased its holdings in shares of ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Contravisory Investment Management Inc. grew its position in ArcBest by 70.9% in the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares during the period. Louisiana State Employees Retirement System raised its holdings in ArcBest by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the transportation company’s stock valued at $1,264,000 after buying an additional 100 shares during the period. 1492 Capital Management LLC lifted its position in ArcBest by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 10,605 shares of the transportation company’s stock valued at $1,275,000 after buying an additional 103 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in ArcBest by 45.8% in the 4th quarter. Parallel Advisors LLC now owns 363 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 114 shares during the last quarter. Institutional investors and hedge funds 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.