ArcBest Co. (NASDAQ:ARCB) Short Interest Update

ArcBest Co. (NASDAQ:ARCB) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 1,600,000 shares, a growth of 11.9% from the September 30th total of 1,430,000 shares. Approximately 6.9% of the shares of the company are sold short. Based on an average daily volume of 250,500 shares, the short-interest ratio is currently 6.4 days.

ArcBest Price Performance

ARCB stock opened at $106.86 on Thursday. ArcBest has a 52 week low of $94.76 and a 52 week high of $153.60. The firm has a market capitalization of $2.50 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. The company has a fifty day simple moving average of $104.98 and a two-hundred day simple moving average of $110.84. 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 results on Friday, August 2nd. The transportation company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a return on equity of 15.98% and a net margin of 2.96%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted $1.54 EPS. The company’s revenue was down 2.4% on a year-over-year basis. Analysts anticipate that ArcBest will post 7.06 earnings per share for the current fiscal year.

Insider Buying and Selling at ArcBest

In related news, Director Salvatore A. Abbate acquired 1,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $103.93 per share, with a total value of $103,930.00. Following the completion of the purchase, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ArcBest

Large investors have recently modified their holdings of the stock. Westwood Holdings Group Inc. boosted its stake in ArcBest by 34.7% during the second quarter. Westwood Holdings Group Inc. now owns 583,762 shares of the transportation company’s stock worth $62,509,000 after buying an additional 150,467 shares during the period. American Century Companies Inc. lifted its holdings in shares of ArcBest by 4.0% in the 2nd quarter. American Century Companies Inc. now owns 525,471 shares of the transportation company’s stock worth $56,267,000 after acquiring an additional 20,115 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of ArcBest by 158.7% during the 2nd quarter. Marshall Wace LLP now owns 191,987 shares of the transportation company’s stock worth $20,558,000 after purchasing an additional 117,774 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in ArcBest by 9.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock valued at $23,537,000 after purchasing an additional 14,463 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in ArcBest by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 150,742 shares of the transportation company’s stock worth $16,141,000 after purchasing an additional 1,214 shares during the period. Institutional investors own 99.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ARCB shares. Morgan Stanley dropped their target price on shares of ArcBest from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Monday, July 8th. TD Cowen cut ArcBest from a “buy” rating to a “hold” rating and cut their target price for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. StockNews.com raised ArcBest from a “hold” rating to a “buy” rating in a report on Thursday, October 3rd. The Goldman Sachs Group dropped their price target on ArcBest from $133.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Wolfe Research cut shares of ArcBest from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ArcBest presently has a consensus rating of “Hold” and a consensus target price of $126.92.

About ArcBest

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.