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

Wells Fargo & Company cut shares of ArcBest (NASDAQ:ARCB) from an overweight rating to an equal weight rating in a research report report published on Wednesday morning, Marketbeat.com reports. Wells Fargo & Company currently has $112.00 target price on the transportation company’s stock, down from their previous target price of $122.00.

Several other analysts have also commented on the stock. TD Cowen lowered their price objective on shares of ArcBest from $148.00 to $136.00 and set a buy rating on the stock in a research report on Monday, August 5th. Stifel Nicolaus lowered their price target on shares of ArcBest from $150.00 to $131.00 and set a buy rating on the stock in a report on Tuesday, August 6th. Morgan Stanley reduced their price objective on ArcBest from $180.00 to $176.00 and set an overweight rating for the company in a report on Monday, July 8th. StockNews.com upgraded ArcBest from a hold rating to a buy rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. increased their price target on ArcBest from $127.00 to $134.00 and gave the stock a neutral rating in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $133.18.

ArcBest Stock Performance

Shares of ARCB opened at $99.10 on Wednesday. The stock has a 50 day moving average of $110.58 and a 200 day moving average of $120.13. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.17 and a beta of 1.46. ArcBest has a 12 month low of $86.93 and a 12 month high of $153.60. 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 (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($0.05). The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.54 earnings per share. As a group, sell-side analysts forecast that ArcBest will post 7.39 earnings per share for the current year.

ArcBest Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.48%. ArcBest’s dividend payout ratio (DPR) is 9.66%.

Insiders Place Their Bets

In related news, Director Salvatore A. Abbate purchased 1,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the transaction, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in ArcBest during the second quarter valued at $419,000. New Wave Wealth Advisors LLC bought a new stake in shares of ArcBest during the 2nd quarter valued at about $1,429,000. Quarry LP boosted its position in shares of ArcBest by 120.7% during the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 134 shares during the last quarter. Creative Planning grew its holdings in shares of ArcBest by 30.0% during the second quarter. Creative Planning now owns 4,584 shares of the transportation company’s stock worth $491,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Impala Asset Management LLC bought a new position in shares of ArcBest in the second quarter worth approximately $2,409,000. 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.