ArcBest Corp (NASDAQ:ARCB) saw a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 912,145 shares, an increase of 49.9% from the February 15th total of 608,466 shares. Currently, 3.8% of the company’s shares are sold short. Based on an average daily volume of 302,363 shares, the days-to-cover ratio is currently 3.0 days.
A number of equities analysts have weighed in on ARCB shares. Stifel Nicolaus lowered shares of ArcBest from a “hold” rating to a “sell” rating and lifted their price target for the company from $27.00 to $32.00 in a report on Wednesday, December 13th. Zacks Investment Research upgraded shares of ArcBest from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, January 16th. Citigroup lifted their price target on shares of ArcBest from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. BidaskClub upgraded shares of ArcBest from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Finally, Cowen restated a “market perform” rating and set a $39.00 target price (up previously from $33.00) on shares of ArcBest in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. ArcBest presently has an average rating of “Hold” and a consensus price target of $35.88.
A number of institutional investors have recently added to or reduced their stakes in the stock. Elkfork Partners LLC purchased a new stake in ArcBest during the 4th quarter worth $113,000. Sterling Capital Management LLC purchased a new stake in ArcBest during the 4th quarter worth $905,000. MetLife Investment Advisors LLC purchased a new stake in ArcBest during the 4th quarter worth $458,000. PEAK6 Investments L.P. purchased a new stake in ArcBest during the 4th quarter worth $231,000. Finally, Millennium Management LLC increased its stake in ArcBest by 52.0% during the 4th quarter. Millennium Management LLC now owns 145,821 shares of the transportation company’s stock worth $5,213,000 after buying an additional 49,894 shares during the period. 88.73% of the stock is currently owned by hedge funds and other institutional investors.
ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, January 31st. The transportation company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.07. ArcBest had a net margin of 1.70% and a return on equity of 7.57%. The firm had revenue of $710.72 million for the quarter, compared to the consensus estimate of $723.69 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. research analysts forecast that ArcBest will post 2.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Friday, February 9th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Thursday, February 8th. ArcBest’s dividend payout ratio (DPR) is 14.29%.
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ArcBest Company Profile
ArcBest Corporation is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc (FleetNet).
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