Forward Air Corporation (NASDAQ:FWRD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Forward Air Corporation is a high-service level truckload carrier and contractor to the air cargo industry. The company provides scheduled trucking services to air freight forwarders, fully integrated air cargo carriers and domestic and international airlines through its Forward Air operations. Through its truckload operations, the company provides short- to medium-haul delivery to the high-service segment of the general commodities truckload market. “
A number of other research analysts have also recently commented on the company. Cowen and Company lowered their target price on Forward Air Corporation from $48.00 to $45.00 and set a “market perform” rating for the company in a research note on Friday, October 21st. TheStreet upgraded Forward Air Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, November 23rd. Robert W. Baird cut Forward Air Corporation from an “outperform” rating to a “neutral” rating and set a $49.00 target price for the company. in a research note on Friday, December 2nd. Finally, Wolfe Research upgraded Forward Air Corporation from a “market perform” rating to an “outperform” rating in a research note on Friday, January 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $48.67.
Shares of Forward Air Corporation (NASDAQ:FWRD) traded up 0.70% during mid-day trading on Monday, hitting $50.01. The stock had a trading volume of 255,674 shares. Forward Air Corporation has a 12 month low of $36.67 and a 12 month high of $51.51. The firm has a 50 day moving average price of $48.66 and a 200-day moving average price of $46.29. The stock has a market cap of $1.53 billion, a P/E ratio of 55.57 and a beta of 1.05.
Forward Air Corporation (NASDAQ:FWRD) last released its quarterly earnings data on Wednesday, February 8th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. Forward Air Corporation had a return on equity of 12.77% and a net margin of 2.82%. The business earned $264.80 million during the quarter, compared to analysts’ expectations of $256.53 million. During the same quarter last year, the business posted $0.75 EPS. The business’s revenue was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that Forward Air Corporation will post $2.34 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Thursday, March 9th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, March 7th. Forward Air Corporation’s dividend payout ratio (DPR) is presently 65.93%.
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In related news, Director C Robert Campbell sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $47.78, for a total transaction of $191,120.00. Following the completion of the transaction, the director now owns 19,684 shares of the company’s stock, valued at approximately $940,501.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Rodney L. Bell sold 21,640 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $48.31, for a total value of $1,045,428.40. Following the transaction, the insider now directly owns 61,445 shares of the company’s stock, valued at approximately $2,968,407.95. The disclosure for this sale can be found here. 3.35% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FWRD. Elkfork Partners LLC acquired a new stake in Forward Air Corporation during the fourth quarter worth approximately $106,000. Keybank National Association OH raised its stake in Forward Air Corporation by 20.7% in the fourth quarter. Keybank National Association OH now owns 32,342 shares of the company’s stock worth $1,532,000 after buying an additional 5,557 shares during the last quarter. Cortina Asset Management LLC raised its stake in Forward Air Corporation by 0.7% in the fourth quarter. Cortina Asset Management LLC now owns 111,394 shares of the company’s stock worth $5,278,000 after buying an additional 725 shares during the last quarter. FMR LLC raised its stake in Forward Air Corporation by 19.8% in the fourth quarter. FMR LLC now owns 376,250 shares of the company’s stock worth $17,827,000 after buying an additional 62,146 shares during the last quarter. Finally, Martingale Asset Management L P raised its stake in Forward Air Corporation by 31.7% in the fourth quarter. Martingale Asset Management L P now owns 81,416 shares of the company’s stock worth $3,858,000 after buying an additional 19,616 shares during the last quarter. 95.88% of the stock is owned by institutional investors.
Forward Air Corporation Company Profile
Forward Air Corporation offers services, which are classified into three segments: Forward Air, Forward Air Solutions (FASI) and Total Quality (TQI). The Company, through its three segments, offers a range of logistic and other services, including expedited full truckload (TLX), pick-up and delivery (Forward Air Complete), pool distribution, temperature-controlled truckload, warehousing, customs brokerage and shipment consolidation and handling.
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