ArcBest Corp (NASDAQ:ARCB) Sees Significant Drop in Short Interest

ArcBest Corp (NASDAQ:ARCB) saw a significant decline in short interest in June. As of June 30th, there was short interest totalling 2,331,400 shares, a decline of 14.0% from the May 30th total of 2,712,100 shares. Based on an average daily trading volume, of 264,400 shares, the short-interest ratio is currently 8.8 days. Currently, 9.4% of the shares of the stock are short sold.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its stake in shares of ArcBest by 13.5% during the fourth 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 last quarter. Thrivent Financial for Lutherans grew its stake in shares of ArcBest by 2.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 18,348 shares of the transportation company’s stock worth $629,000 after buying an additional 403 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of ArcBest by 1.5% during the fourth quarter. California Public Employees Retirement System now owns 28,993 shares of the transportation company’s stock worth $993,000 after buying an additional 415 shares during the last quarter. Globeflex Capital L P grew its stake in shares of ArcBest by 1.6% during the first quarter. Globeflex Capital L P now owns 27,795 shares of the transportation company’s stock worth $856,000 after buying an additional 439 shares during the last quarter. Finally, Neuburgh Advisers LLC grew its stake in shares of ArcBest by 15.1% during the fourth 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 last quarter. 98.77% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Seaport Global Securities restated a “neutral” rating on shares of YRC Worldwide in a research report on Friday, April 5th. Citigroup boosted their price objective on shares of Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday. Mizuho initiated coverage on shares of Merck & Co., Inc. in a research report on Tuesday, July 2nd. They set a “buy” rating and a $97.00 price objective for the company. Finally, Wolfe Research downgraded shares of Restoration Hardware from an “outperform” rating to a “market perform” rating in a research report on Monday, April 1st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $37.67.

Shares of ARCB opened at $26.90 on Friday. ArcBest has a one year low of $24.68 and a one year high of $51.45. The firm has a market capitalization of $686.30 million, a P/E ratio of 7.19 and a beta of 2.09. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average price is $26.45.

ArcBest (NASDAQ:ARCB) last announced its quarterly earnings data on Thursday, May 2nd. The transportation company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.13). The firm had revenue of $711.84 million for the quarter, compared to analyst estimates of $724.33 million. ArcBest had a net margin of 2.00% and a return on equity of 14.19%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. Equities analysts expect that ArcBest will post 3.29 earnings per share for the current year.

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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