ArcBest (NASDAQ:ARCB) Cut to “Equal Weight” at Wells Fargo & Company

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

Other research analysts also recently issued reports about the stock. Bank of America lifted their target price on shares of ArcBest from $110.00 to $112.00 and gave the stock an underperform rating in a research report on Monday, July 22nd. StockNews.com upgraded shares of ArcBest from a hold rating to a buy rating in a research report on Monday, August 5th. Stifel Nicolaus reduced their target price on ArcBest from $150.00 to $131.00 and set a buy rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. raised their target price on ArcBest from $127.00 to $134.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Finally, TD Cowen dropped their price target on ArcBest from $148.00 to $136.00 and set a buy rating on the stock in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $133.18.

ArcBest Stock Performance

ARCB opened at $99.10 on Wednesday. The business has a fifty day simple moving average of $110.74 and a 200-day simple moving average of $120.57. The firm has a market cap of $2.32 billion, a PE ratio of 19.94, a P/E/G ratio of 1.17 and a beta of 1.48. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12. ArcBest has a fifty-two week low of $86.93 and a fifty-two week high of $153.60.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($0.05). The company had revenue of $1.08 billion during the quarter, compared to analyst estimates 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 quarter last year, the business earned $1.54 EPS. As a group, equities analysts predict that ArcBest will post 7.39 EPS for the current fiscal year.

ArcBest Announces Dividend

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

Insiders Place Their Bets

In other news, Director Salvatore A. Abbate purchased 1,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $103.93 per share, with a total value 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 purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.65% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ARCB. Quarry LP lifted its holdings 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 acquiring an additional 134 shares during the period. EverSource Wealth Advisors LLC raised its position in ArcBest by 49.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 227 shares of the transportation company’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Contravisory Investment Management Inc. lifted its stake in ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the period. Innealta Capital LLC acquired a new stake in ArcBest during the second quarter valued at approximately $33,000. Finally, Quest Partners LLC acquired a new stake in ArcBest during the second quarter valued at approximately $36,000. Institutional investors and hedge funds 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.