Wells Fargo & Company Has Lowered Expectations for ArcBest (NASDAQ:ARCB) Stock Price

ArcBest (NASDAQ:ARCB) had its target price cut 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 equities analysts have also issued reports on ARCB. The Goldman Sachs Group lowered their price target on ArcBest from $126.00 to $108.00 and set a “neutral” rating for the company 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 report on Tuesday, March 11th. Truist Financial initiated coverage on shares of ArcBest in a report on Thursday, March 13th. They issued a “buy” rating and a $93.00 price objective for the company. Morgan Stanley cut their target price on ArcBest from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, UBS Group reduced their target price on ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $107.00.

ArcBest Stock Down 0.2 %

Shares of ArcBest stock opened at $73.56 on Thursday. ArcBest has a 1 year low of $68.83 and a 1 year high of $153.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.01 and a quick ratio of 1.04. The company has a 50-day moving average of $85.70 and a 200 day moving average of $98.10. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.70 and a beta of 1.54.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, January 31st. The transportation company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.22. ArcBest had a net margin of 4.16% and a return on equity of 11.79%. During the same quarter last year, the business earned $2.47 earnings per share. As a group, sell-side analysts anticipate 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. Shareholders of record on Tuesday, February 11th were paid 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 dividend yield of 0.65%. ArcBest’s dividend payout ratio is currently 6.55%.

Insider Activity

In other ArcBest news, CFO John Matthew Beasley bought 700 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought 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 owns 8,142 shares of the company’s stock, valued at $609,754.38. This represents a 9.41 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ARCB. Arizona State Retirement System increased its stake in shares of ArcBest by 1.6% in the 4th quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock worth $640,000 after purchasing an additional 108 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in ArcBest by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock valued at $230,000 after purchasing an additional 157 shares during the period. Stephens Inc. AR increased its position in ArcBest by 2.1% in the fourth quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock worth $758,000 after buying an additional 170 shares in the last quarter. Blue Trust Inc. raised its stake in shares of ArcBest by 146.3% in the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock worth $28,000 after buying an additional 177 shares during the period. Finally, Quest Partners LLC lifted its position in shares of 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 buying an additional 206 shares in the last quarter. 99.27% of the stock is currently owned by 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.