ArcBest Corp (NASDAQ:ARCB) was the recipient of a significant increase in short interest in 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. Based on an average daily volume of 302,363 shares, the short-interest ratio is presently 3.0 days. Approximately 3.8% of the company’s stock are sold short.
Several equities research analysts have recently commented on ARCB shares. ValuEngine raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Saturday. BidaskClub downgraded shares of ArcBest from a “hold” rating to a “sell” rating in a research report on Wednesday, February 28th. Morgan Stanley reissued an “equal weight” rating and set a $32.00 target price (up from $23.00) on shares of ArcBest in a research report on Wednesday, February 21st. Citigroup boosted their target price on shares of ArcBest from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 6th. Finally, Cowen reissued a “market perform” rating and set a $39.00 target price (up from $33.00) on shares of ArcBest in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. ArcBest presently has an average rating of “Hold” and an average 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 position in ArcBest during the fourth quarter worth about $113,000. Sterling Capital Management LLC purchased a new position in ArcBest during the fourth quarter worth about $905,000. MetLife Investment Advisors LLC purchased a new position in ArcBest during the fourth quarter worth about $458,000. PEAK6 Investments L.P. purchased a new position in ArcBest during the fourth quarter worth about $231,000. Finally, Millennium Management LLC boosted its holdings in ArcBest by 52.0% during the fourth quarter. Millennium Management LLC now owns 145,821 shares of the transportation company’s stock worth $5,213,000 after purchasing an additional 49,894 shares during the last quarter. Institutional investors and hedge funds own 88.73% of the company’s stock.
ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Wednesday, January 31st. The transportation company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07. ArcBest had a net margin of 2.11% and a return on equity of 5.82%. The business had revenue of $710.72 million for the quarter, compared to analysts’ expectations of $723.69 million. During the same period in the previous year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. research analysts anticipate that ArcBest will post 2.28 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Friday, February 9th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.92%. The ex-dividend date was Thursday, February 8th. ArcBest’s dividend payout ratio (DPR) is presently 24.24%.
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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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