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

ArcBest (NASDAQ:ARCB - Get Free Report) had its price target dropped by equities research analysts at Wells Fargo & Company from $115.00 to $105.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the transportation company's stock. Wells Fargo & Company's target price indicates a potential upside of 10.20% from the company's current price.

Several other brokerages have also weighed in on ARCB. Morgan Stanley dropped their price objective on shares of ArcBest from $175.00 to $170.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Stifel Nicolaus dropped their price target on ArcBest from $131.00 to $119.00 and set a "buy" rating on the stock in a research note on Monday, October 21st. UBS Group reduced their price objective on ArcBest from $111.00 to $110.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. TD Cowen downgraded ArcBest from a "buy" rating to a "hold" rating and decreased their price objective for the company from $131.00 to $114.00 in a report on Monday, October 14th. Finally, Wolfe Research cut ArcBest from an "outperform" rating to a "peer perform" rating in a report on Wednesday, October 9th. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $124.50.

ArcBest Trading Down 1.5 %

Shares of NASDAQ:ARCB traded down $1.42 during midday trading on Tuesday, reaching $95.28. The company's stock had a trading volume of 208,816 shares, compared to its average volume of 254,904. ArcBest has a fifty-two week low of $91.01 and a fifty-two week high of $153.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average price of $105.59 and a two-hundred day moving average price of $107.18. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 2.56 and a beta of 1.53.

ArcBest (NASDAQ:ARCB - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The transportation company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. ArcBest's quarterly revenue was down 5.8% compared to the same quarter last year. During the same period last year, the firm posted $2.31 earnings per share. As a group, analysts forecast that ArcBest will post 6.06 earnings per share for the current year.

Insider Transactions at ArcBest

In other news, SVP Michael E. Newcity sold 10,443 shares of ArcBest 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 $609,150.60. The trade was a 67.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig E. Philip sold 3,900 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $109.91, for a total transaction of $428,649.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.65% of the company's stock.

Institutional Trading of ArcBest

Several hedge funds have recently added to or reduced their stakes in ARCB. Quarry LP increased its stake in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company's stock worth $26,000 after purchasing an additional 134 shares during the last quarter. Quest Partners LLC bought a new position in ArcBest during the second quarter valued at $36,000. GAMMA Investing LLC increased its position in ArcBest by 63.7% in the third quarter. GAMMA Investing LLC now owns 514 shares of the transportation company's stock worth $56,000 after buying an additional 200 shares during the last quarter. Avior Wealth Management LLC raised its stake in shares of ArcBest by 17.9% in the third quarter. Avior Wealth Management LLC now owns 625 shares of the transportation company's stock valued at $68,000 after buying an additional 95 shares during the period. Finally, KBC Group NV lifted its position in shares of ArcBest by 36.8% during the 3rd quarter. KBC Group NV now owns 851 shares of the transportation company's stock valued at $92,000 after buying an additional 229 shares during the last quarter. 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.