ArcBest Co. (NASDAQ:ARCB) Short Interest Update

ArcBest Co. (NASDAQ:ARCB) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,430,000 shares, a drop of 19.2% from the September 15th total of 1,770,000 shares. Based on an average trading volume of 264,900 shares, the short-interest ratio is currently 5.4 days. Approximately 6.2% of the company’s stock are sold short.

Insider Buying and Selling

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the completion of the acquisition, the director now directly owns 3,650 shares in the company, valued at approximately $379,344.50. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Contravisory Investment Management Inc. raised its position in shares of ArcBest by 70.9% during the first quarter. Contravisory Investment Management Inc. now owns 188 shares of the transportation company’s stock worth $27,000 after acquiring an additional 78 shares during the last quarter. Quarry LP boosted its stake in shares of ArcBest by 120.7% in the 2nd quarter. Quarry LP now owns 245 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 134 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of ArcBest during the second quarter worth $33,000. Quest Partners LLC acquired a new stake in ArcBest during the 2nd quarter worth about $36,000. Finally, Cultivar Capital Inc. acquired a new stake in ArcBest during the second quarter worth approximately $43,000. 99.27% of the stock is owned by institutional investors and hedge funds.

ArcBest Price Performance

Shares of ARCB stock traded up $0.13 on Monday, reaching $106.08. The company had a trading volume of 91,178 shares, compared to its average volume of 289,538. The business’s 50-day moving average is $105.55 and its 200 day moving average is $114.45. The stock has a market capitalization of $2.49 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. ArcBest has a one year low of $86.93 and a one year high of $153.60. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.12.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $1.54 EPS. Equities research analysts forecast that ArcBest will post 7.06 EPS for the current fiscal year.

ArcBest Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Tuesday, August 13th. ArcBest’s payout ratio is currently 9.66%.

Analyst Upgrades and Downgrades

ARCB has been the subject of a number of analyst reports. TD Cowen downgraded shares of ArcBest from a “buy” rating to a “hold” rating and decreased their price objective for the company from $131.00 to $114.00 in a research report on Monday. Morgan Stanley decreased their price objective on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Monday, July 8th. Wolfe Research downgraded shares of ArcBest from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Bank of America reduced their target price on shares of ArcBest from $102.00 to $99.00 and set an “underperform” rating for the company in a report on Wednesday, September 4th. Finally, Wells Fargo & Company downgraded shares of ArcBest from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $122.00 to $112.00 in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $127.92.

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.