Short Interest in ArcBest Corporation (NASDAQ:ARCB) Decreases By 21.5%

ArcBest Corporation (NASDAQ:ARCB) was the recipient of a large decrease in short interest in January. As of January 30th, there was short interest totaling 1,114,069 shares, a decrease of 21.5% from the January 15th total of 1,418,449 shares. Currently, 5.0% of the company’s shares are sold short. Based on an average daily volume of 403,034 shares, the days-to-cover ratio is currently 2.8 days. Based on an average daily volume of 403,034 shares, the days-to-cover ratio is currently 2.8 days. Currently, 5.0% of the company’s shares are sold short.

ArcBest Stock Up 2.8%

Shares of ARCB traded up $2.81 during midday trading on Friday, hitting $104.40. The company had a trading volume of 266,771 shares, compared to its average volume of 429,103. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 40.00, a PEG ratio of 13.66 and a beta of 1.54. The company’s 50 day moving average price is $86.90 and its 200 day moving average price is $76.31. The company has a quick ratio of 0.98, a current ratio of 0.95 and a debt-to-equity ratio of 0.10. ArcBest has a 52 week low of $55.19 and a 52 week high of $112.92.

ArcBest (NASDAQ:ARCB) last posted its quarterly earnings results on Friday, January 30th. The transportation company reported $0.36 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%.The firm had revenue of $972.69 million during the quarter, compared to analyst estimates of $963.74 million. During the same quarter last year, the business posted $1.33 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities research analysts predict that ArcBest will post 7 EPS for the current year.

ArcBest Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Tuesday, February 10th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, February 10th. This represents a $0.48 annualized dividend and a yield of 0.5%. ArcBest’s dividend payout ratio (DPR) is 18.39%.

Institutional Trading of ArcBest

Institutional investors have recently added to or reduced their stakes in the business. Bryce Point Capital LLC acquired a new position in ArcBest during the third quarter worth about $476,000. Summit Global Investments acquired a new position in shares of ArcBest in the 3rd quarter worth approximately $939,000. Partners Group Holding AG raised its holdings in shares of ArcBest by 23.2% in the 2nd quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock worth $11,357,000 after purchasing an additional 27,797 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ArcBest during the second quarter valued at approximately $1,759,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in ArcBest during the second quarter worth approximately $355,000. Institutional investors own 99.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ARCB. Weiss Ratings reiterated a “hold (c-)” rating on shares of ArcBest in a research note on Wednesday, January 21st. Truist Financial lifted their target price on shares of ArcBest from $85.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 15th. UBS Group restated a “neutral” rating and set a $98.00 price objective on shares of ArcBest in a research note on Wednesday, February 4th. The Goldman Sachs Group reiterated a “buy” rating and issued a $100.00 target price on shares of ArcBest in a research note on Saturday, January 31st. Finally, Stifel Nicolaus dropped their target price on ArcBest from $96.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, February 2nd. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $97.00.

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.