ArcBest Corporation (NASDAQ:ARCB) Short Interest Up 20.8% in February

ArcBest Corporation (NASDAQ:ARCB) was the recipient of a large increase in short interest in 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 daily volume of 468,349 shares, the short-interest ratio is presently 2.9 days. Approximately 6.1% of the company’s shares are sold short. Approximately 6.1% of the company’s shares are sold short. Based on an average daily volume of 468,349 shares, the short-interest ratio is presently 2.9 days.

ArcBest Trading Up 0.4%

NASDAQ ARCB opened at $104.96 on Thursday. ArcBest has a 12 month low of $55.19 and a 12 month high of $112.92. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $93.83 and its 200-day moving average price is $79.09. The stock has a market cap of $2.34 billion, a P/E ratio of 40.21, a P/E/G ratio of 0.75 and a beta of 1.48.

ArcBest (NASDAQ:ARCB) last announced its quarterly 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%.The company’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 earnings per share. As a group, equities analysts forecast that ArcBest will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, February 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. ArcBest’s dividend payout ratio is presently 18.39%.

Hedge Funds Weigh In On ArcBest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Johnson Investment Counsel Inc. bought a new stake in shares of ArcBest in the 3rd quarter worth $28,000. Smartleaf Asset Management LLC boosted its position in shares of ArcBest by 26.9% during the third quarter. Smartleaf Asset Management LLC now owns 675 shares of the transportation company’s stock valued at $47,000 after buying an additional 143 shares during the last quarter. Federated Hermes Inc. increased its holdings in ArcBest by 126.6% in the 4th quarter. Federated Hermes Inc. now owns 1,015 shares of the transportation company’s stock worth $75,000 after buying an additional 567 shares in the last quarter. Hantz Financial Services Inc. raised its position in ArcBest by 507.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,118 shares of the transportation company’s stock worth $83,000 after buying an additional 934 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in ArcBest in the 2nd quarter worth about $85,000. 99.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. UBS Group reaffirmed a “neutral” rating and set a $98.00 price objective on shares of ArcBest in a research report on Wednesday, February 4th. Citigroup lifted their price target on ArcBest from $104.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Truist Financial increased their price objective on ArcBest from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Jefferies Financial Group raised their price objective on ArcBest from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Finally, Bank of America upped their target price on shares of ArcBest from $72.00 to $84.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 23rd. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, ArcBest has an average rating of “Hold” and a consensus price target 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.