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

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

Several other research firms also recently issued reports on ARCB. Morgan Stanley decreased their price objective on shares of ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Stifel Nicolaus boosted their price objective on ArcBest from $109.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. The Goldman Sachs Group decreased their target price on ArcBest from $126.00 to $108.00 and set a “neutral” rating on the stock in a research report on Friday, March 14th. Stephens reiterated an “overweight” rating and set a $116.00 price target on shares of ArcBest in a research report on Tuesday, March 11th. Finally, Bank of America decreased their price objective on ArcBest from $100.00 to $73.00 and set an “underperform” rating on the stock in a report on Wednesday, March 12th. One research 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. According to MarketBeat, ArcBest currently has a consensus rating of “Hold” and a consensus target price of $107.00.

ArcBest Stock Down 3.8 %

ARCB stock opened at $70.80 on Thursday. ArcBest has a one year low of $68.83 and a one year high of $153.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.01. The firm’s fifty day moving average is $85.12 and its 200 day moving average is $97.89. The firm has a market cap of $1.64 billion, a PE ratio of 9.66, a P/E/G ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last posted its earnings results on Friday, January 31st. The transportation company reported $1.33 EPS 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 quarter in the previous year, the firm posted $2.47 EPS. On average, research analysts forecast that ArcBest will post 7 EPS for the current year.

ArcBest Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, February 11th. This represents a $0.48 annualized dividend and a yield of 0.68%. ArcBest’s dividend payout ratio (DPR) is 6.55%.

Insider Buying and Selling at ArcBest

In related news, CFO John Matthew Beasley purchased 700 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $74.89 per share, for a total transaction of $52,423.00. Following the completion of the transaction, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. The trade was a 9.41 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.28% of the company’s stock.

Hedge Funds Weigh In On ArcBest

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in ArcBest by 146.3% during the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after purchasing an additional 177 shares in the last quarter. R Squared Ltd acquired a new position in ArcBest during the 4th quarter worth about $40,000. Quest Partners LLC boosted its holdings in ArcBest by 60.6% during the 3rd quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock valued at $59,000 after acquiring an additional 206 shares during the period. Smartleaf Asset Management LLC grew its position in ArcBest by 471.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 549 shares of the transportation company’s stock valued at $51,000 after acquiring an additional 453 shares in the last quarter. Finally, KBC Group NV increased its stake in ArcBest by 34.9% during the fourth quarter. KBC Group NV now owns 1,148 shares of the transportation company’s stock worth $107,000 after purchasing an additional 297 shares during the period. 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.