Zacks Investment Research Downgrades Forward Air Corp. (FWRD) to Sell
Forward Air Corp. (NASDAQ:FWRD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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 brokerages have also issued reports on FWRD. TheStreet lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 22nd. Cowen and Company decreased their price target on Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating for the company in a research note on Tuesday, September 20th. Finally, BB&T Corp. lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $50.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) opened at 42.43 on Monday. The firm has a 50-day moving average price of $45.48 and a 200 day moving average price of $45.21. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47. The company has a market capitalization of $1.28 billion, a P/E ratio of 31.22 and a beta of 1.29.
Forward Air Corp. (NASDAQ:FWRD) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.01. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. The business had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. On average, equities research analysts predict that Forward Air Corp. will post $2.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, August 18th. This represents a $0.48 annualized dividend and a yield of 1.13%. Forward Air Corp.’s payout ratio is currently 35.56%.
In other news, CAO Michael P. Mclean sold 5,493 shares of Forward Air Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $45.75, for a total value of $251,304.75. Following the transaction, the chief accounting officer now directly owns 22,942 shares in the company, valued at approximately $1,049,596.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael L. Hance sold 18,000 shares of Forward Air Corp. stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $46.05, for a total value of $828,900.00. Following the completion of the transaction, the vice president now owns 18,646 shares in the company, valued at $858,648.30. The disclosure for this sale can be found here. Company insiders own 3.35% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Independent Portfolio Consultants Inc. increased its position in shares of Forward Air Corp. by 56.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 14,800 shares of the company’s stock worth $659,000 after buying an additional 5,355 shares in the last quarter. Capstone Asset Management Co. increased its position in shares of Forward Air Corp. by 1.0% in the second quarter. Capstone Asset Management Co. now owns 9,188 shares of the company’s stock worth $409,000 after buying an additional 90 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Forward Air Corp. by 97.0% in the second quarter. BNP Paribas Arbitrage SA now owns 10,069 shares of the company’s stock worth $448,000 after buying an additional 4,957 shares in the last quarter. Arizona State Retirement System increased its position in shares of Forward Air Corp. by 1.3% in the first quarter. Arizona State Retirement System now owns 15,573 shares of the company’s stock worth $706,000 after buying an additional 200 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Forward Air Corp. during the first quarter worth about $1,973,000. Institutional investors and hedge funds own 98.42% of the company’s stock.
About Forward Air Corp.
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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