ArcBest Corporation (NASDAQ:ARCB) Sees Significant Growth in Short Interest

ArcBest Corporation (NASDAQ:ARCB) was the target of a significant increase in short interest during the month of February. As of February 13th, there was short interest totaling 1,345,765 shares, an increase of 20.8% from the January 29th total of 1,114,069 shares. Based on an average trading volume of 468,349 shares, the days-to-cover ratio is presently 2.9 days. Currently, 6.1% of the company’s stock are sold short. Currently, 6.1% of the company’s stock are sold short. Based on an average trading volume of 468,349 shares, the days-to-cover ratio is presently 2.9 days.

Analyst Ratings Changes

A number of brokerages have weighed in on ARCB. JPMorgan Chase & Co. raised their price objective on ArcBest from $76.00 to $81.00 and gave the company a “neutral” rating in a research note on Monday, February 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $100.00 price target on shares of ArcBest in a research report on Saturday, January 31st. TD Cowen reaffirmed a “hold” rating on shares of ArcBest in a report on Friday, January 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research note on Wednesday, January 21st. Finally, Truist Financial boosted their target price on shares of ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, ArcBest currently has a consensus rating of “Hold” and an average target price of $97.00.

ArcBest Trading Down 1.9%

NASDAQ ARCB opened at $104.56 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.95 and a current ratio of 0.95. ArcBest has a one year low of $55.19 and a one year high of $112.92. The company has a 50-day simple moving average of $93.27 and a 200-day simple moving average of $78.91. The firm has a market capitalization of $2.33 billion, a PE ratio of 40.06, a price-to-earnings-growth ratio of 0.76 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last issued its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). ArcBest had a return on equity of 6.51% and a net margin of 1.50%.During the same quarter in the prior year, the firm posted $1.33 earnings per share. ArcBest’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities analysts forecast that ArcBest will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. ArcBest’s dividend payout ratio (DPR) is 18.39%.

Institutional Investors Weigh In On ArcBest

Large investors have recently added to or reduced their stakes in the stock. Bryce Point Capital LLC bought a new stake in ArcBest in the 3rd quarter valued at about $476,000. Summit Global Investments acquired a new stake in shares of ArcBest in the third quarter valued at approximately $939,000. Partners Group Holding AG raised its holdings in shares of ArcBest by 23.2% during the second quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock valued at $11,357,000 after buying an additional 27,797 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ArcBest during the second quarter worth approximately $1,759,000. Finally, Impala Asset Management LLC bought a new position in ArcBest in the 2nd quarter worth approximately $5,468,000. 99.27% of the stock is owned by institutional investors and hedge funds.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.