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

Key Points

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ArcBest (NASDAQ:ARCB - Get Free Report) had its price target cut by Wells Fargo & Company from $90.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the transportation company's stock. Wells Fargo & Company's price target indicates a potential upside of 10.12% from the company's previous close.

Several other equities analysts also recently commented on ARCB. Morgan Stanley lowered their price objective on ArcBest from $140.00 to $130.00 and set an "overweight" rating on the stock in a research report on Thursday. TD Cowen decreased their target price on ArcBest from $80.00 to $72.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price target on ArcBest from $75.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Truist Financial dropped their price target on ArcBest from $93.00 to $90.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Wall Street Zen raised ArcBest from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $90.00.

ArcBest Price Performance

Shares of ArcBest stock traded up $2.53 during trading hours on Thursday, hitting $72.65. The company's stock had a trading volume of 53,034 shares, compared to its average volume of 382,039. The business has a 50 day moving average price of $74.14 and a two-hundred day moving average price of $74.99. ArcBest has a 12-month low of $55.19 and a 12-month high of $123.25. The company has a market cap of $1.66 billion, a PE ratio of 10.80, a PEG ratio of 0.80 and a beta of 1.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 0.96.

ArcBest (NASDAQ:ARCB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.12). ArcBest had a net margin of 3.90% and a return on equity of 8.67%. The business had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the firm earned $1.98 earnings per share. ArcBest's revenue was down 5.1% on a year-over-year basis. Analysts expect that ArcBest will post 7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcBest

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of ArcBest by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 2,771,123 shares of the transportation company's stock worth $258,601,000 after buying an additional 20,665 shares during the period. Alliancebernstein L.P. raised its holdings in shares of ArcBest by 3.6% in the first quarter. Alliancebernstein L.P. now owns 2,664,431 shares of the transportation company's stock worth $188,056,000 after buying an additional 92,514 shares during the period. Westwood Holdings Group Inc. raised its holdings in shares of ArcBest by 36.7% in the first quarter. Westwood Holdings Group Inc. now owns 869,267 shares of the transportation company's stock worth $61,353,000 after buying an additional 233,409 shares during the period. American Century Companies Inc. raised its holdings in shares of ArcBest by 11.5% in the first quarter. American Century Companies Inc. now owns 689,895 shares of the transportation company's stock worth $48,693,000 after buying an additional 70,976 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ArcBest by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 436,921 shares of the transportation company's stock worth $30,838,000 after buying an additional 10,766 shares during the period. 99.27% of the stock is currently owned by hedge funds and other 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.