ArcBest Corp (NASDAQ:ARCB) Sees Significant Drop in Short Interest

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ArcBest Corp (NASDAQ:ARCB) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 2,331,400 shares, a drop of 14.0% from the May 30th total of 2,712,100 shares. Approximately 9.4% of the company’s shares are short sold. Based on an average daily trading volume, of 264,400 shares, the days-to-cover ratio is presently 8.8 days.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pearl River Capital LLC bought a new position in shares of ArcBest in the 1st quarter valued at about $68,000. PNC Financial Services Group Inc. grew its holdings in shares of ArcBest by 13.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,163 shares of the transportation company’s stock valued at $107,000 after acquiring an additional 375 shares in the last quarter. Neuburgh Advisers LLC grew its holdings in shares of ArcBest by 15.1% in the 4th quarter. Neuburgh Advisers LLC now owns 3,520 shares of the transportation company’s stock valued at $121,000 after acquiring an additional 462 shares in the last quarter. NumerixS Investment Technologies Inc bought a new position in shares of ArcBest in the 1st quarter valued at about $122,000. Finally, Flinton Capital Management LLC grew its holdings in shares of ArcBest by 15.1% in the 4th quarter. Flinton Capital Management LLC now owns 5,440 shares of the transportation company’s stock valued at $186,000 after acquiring an additional 714 shares in the last quarter. Institutional investors own 98.77% of the company’s stock.

ARCB stock opened at $26.90 on Friday. The business’s 50-day moving average price is $26.45. The company has a market cap of $686.30 million, a PE ratio of 7.19 and a beta of 2.09. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.40 and a current ratio of 1.40. ArcBest has a 1 year low of $24.68 and a 1 year high of $51.45.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Thursday, May 2nd. The transportation company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.13). The company had revenue of $711.84 million during the quarter, compared to the consensus estimate of $724.33 million. ArcBest had a net margin of 2.00% and a return on equity of 14.19%. ArcBest’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. On average, equities analysts expect that ArcBest will post 3.29 earnings per share for the current year.

Several analysts recently commented on ARCB shares. Morgan Stanley set a $36.00 price objective on ArcBest and gave the stock a “hold” rating in a research note on Monday, July 8th. ValuEngine cut Whiting USA Trust II from a “hold” rating to a “sell” rating in a report on Tuesday, May 7th. Loop Capital increased their target price on Burlington Stores to $200.00 and gave the stock a “buy” rating in a report on Monday, May 6th. TheStreet upgraded BlackRock TCP Capital from a “c+” rating to a “b” rating in a report on Tuesday, May 28th. Finally, Cowen reiterated an “outperform” rating and set a $28.00 target price (down previously from $30.00) on shares of Pure Storage in a report on Wednesday, May 22nd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $37.67.

ArcBest Company Profile

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. It operates through three segments: Asset-Based, ArcBest, and FleetNet. The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, nonbulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less-than-truckload services.

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