ArcBest (NASDAQ:ARCB) Given New $80.00 Price Target at Wells Fargo & Company

ArcBest (NASDAQ:ARCB) had its target price lowered by investment analysts at Wells Fargo & Company from $96.00 to $80.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 8.58% from the stock’s previous close.

ARCB has been the topic of a number of other reports. Stephens restated an “overweight” rating and set a $116.00 target price on shares of ArcBest in a research note on Tuesday, March 11th. Stifel Nicolaus raised their price objective on shares of 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 lowered their price target on ArcBest from $126.00 to $108.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Morgan Stanley dropped their price target on ArcBest from $160.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, UBS Group decreased their target price on shares of ArcBest from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, ArcBest has a consensus rating of “Hold” and a consensus price target of $107.00.

ArcBest Stock Performance

Shares of ARCB opened at $73.68 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. ArcBest has a 12 month low of $68.83 and a 12 month high of $153.61. The firm has a market cap of $1.71 billion, a PE ratio of 10.05, a P/E/G ratio of 1.70 and a beta of 1.54. The stock has a fifty day moving average price of $86.27 and a 200-day moving average price of $98.27.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, January 31st. The transportation company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates 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 in the previous year, the company earned $2.47 earnings per share. Equities research analysts predict that ArcBest will post 7 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 shares were bought at an average price of $74.89 per share, for a total transaction of $52,423.00. Following the transaction, the chief financial officer now directly owns 8,142 shares in the company, valued at approximately $609,754.38. This trade represents a 9.41 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.65% of the company’s stock.

Hedge Funds Weigh In On ArcBest

Several large investors have recently added to or reduced their stakes in ARCB. Arizona State Retirement System lifted its position in shares of ArcBest by 1.6% during the fourth quarter. Arizona State Retirement System now owns 6,856 shares of the transportation company’s stock worth $640,000 after acquiring an additional 108 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in ArcBest by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,463 shares of the transportation company’s stock worth $230,000 after purchasing an additional 157 shares during the last quarter. Stephens Inc. AR lifted its holdings in ArcBest by 2.1% in the fourth quarter. Stephens Inc. AR now owns 8,128 shares of the transportation company’s stock valued at $758,000 after acquiring an additional 170 shares during the period. Blue Trust Inc. grew its position in ArcBest by 146.3% during the fourth quarter. Blue Trust Inc. now owns 298 shares of the transportation company’s stock valued at $28,000 after buying an additional 177 shares during the period. Finally, Quest Partners LLC increased its stake in shares of ArcBest by 60.6% in the 3rd quarter. Quest Partners LLC now owns 546 shares of the transportation company’s stock worth $59,000 after purchasing an additional 206 shares in the last quarter. 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.