ArcBest Corp (NASDAQ:ARCB) was the target of a large drop in short interest during 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 sold short. Based on an average trading volume of 264,400 shares, the days-to-cover ratio is presently 8.8 days.
ArcBest stock opened at $25.69 on Friday. The business’s 50 day moving average price is $26.45. ArcBest has a fifty-two week low of $24.68 and a fifty-two week high of $51.45. The company has a market cap of $655.43 million, a price-to-earnings ratio of 6.66 and a beta of 2.09. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.39.
ArcBest (NASDAQ:ARCB) last released its quarterly earnings data on Thursday, May 2nd. The transportation company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.13). ArcBest had a return on equity of 14.19% and a net margin of 2.00%. The firm had revenue of $711.84 million for the quarter, compared to the consensus estimate of $724.33 million. During the same period in the previous year, the business earned $0.29 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. As a group, research analysts anticipate that ArcBest will post 3.37 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the business. Pearl River Capital LLC acquired a new stake in ArcBest during the 1st quarter worth approximately $68,000. PNC Financial Services Group Inc. raised its holdings in ArcBest by 13.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,163 shares of the transportation company’s stock worth $107,000 after buying an additional 375 shares during the period. Neuburgh Advisers LLC raised its holdings in ArcBest by 15.1% during the 4th quarter. Neuburgh Advisers LLC now owns 3,520 shares of the transportation company’s stock worth $121,000 after buying an additional 462 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in ArcBest during the 1st quarter worth approximately $122,000. Finally, Flinton Capital Management LLC raised its holdings in ArcBest by 15.1% during the 4th quarter. Flinton Capital Management LLC now owns 5,440 shares of the transportation company’s stock worth $186,000 after buying an additional 714 shares during the period. Hedge funds and other institutional investors own 98.77% of the company’s stock.
ARCB has been the topic of several recent analyst reports. TheStreet raised shares of BlackRock TCP Capital from a “c+” rating to a “b” rating in a research note on Tuesday, May 28th. Loop Capital lifted their price objective on shares of Burlington Stores to $200.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Mizuho initiated coverage on shares of Merck & Co., Inc. in a research note on Tuesday, July 2nd. They set a “buy” rating and a $97.00 price objective on the stock. BidaskClub raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, June 20th. Finally, Cowen reissued an “outperform” rating and set a $28.00 price objective (down previously from $30.00) on shares of Pure Storage in a research note on Wednesday, May 22nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The stock currently 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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