Q4 2016 EPS Estimates for Forward Air Corp. Lowered by KeyCorp (FWRD)
Forward Air Corp. (NASDAQ:FWRD) – KeyCorp dropped their Q4 2016 earnings per share estimates for Forward Air Corp. in a research report issued to clients and investors on Tuesday. KeyCorp analyst T. Fowler now anticipates that the brokerage will post earnings of $0.60 per share for the quarter, down from their previous estimate of $0.69. KeyCorp also issued estimates for Forward Air Corp.’s FY2017 earnings at $2.45 EPS.
Forward Air Corp. (NASDAQ:FWRD) last announced its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The company had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%.
Several other research analysts have also issued reports on FWRD. Cowen and Company increased their target price on Forward Air Corp. from $47.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, July 25th. Zacks Investment Research raised Forward Air Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th. TheStreet lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 22nd. Finally, BB&T Corp. lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 42.87 on Wednesday. The stock has a market cap of $1.30 billion, a PE ratio of 31.55 and a beta of 1.29. The company’s 50 day moving average price is $45.38 and its 200 day moving average price is $45.20. Forward Air Corp. has a 12 month low of $36.00 and a 12 month high of $50.47.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were paid 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 1.12%. Forward Air Corp.’s dividend payout ratio is 35.56%.
In other Forward Air Corp. news, insider Rodney L. Bell sold 10,509 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $46.74, for a total transaction of $491,190.66. Following the sale, the insider now directly owns 118,627 shares in the company, valued at approximately $5,544,625.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael P. Mclean sold 5,493 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $45.75, for a total value of $251,304.75. Following the sale, the chief accounting officer now owns 22,942 shares in the company, valued at $1,049,596.50. The disclosure for this sale can be found here. Company insiders own 3.35% of the company’s stock.
A number of hedge funds have recently modified their holdings of FWRD. Bank of Montreal Can acquired a new stake in shares of Forward Air Corp. during the second quarter valued at approximately $109,000. BlackRock Inc. increased its stake in shares of Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock valued at $111,000 after buying an additional 300 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Forward Air Corp. during the second quarter valued at approximately $134,000. Advisor Group Inc. acquired a new stake in shares of Forward Air Corp. during the second quarter valued at approximately $156,000. Finally, PineBridge Investments L.P. increased its stake in shares of Forward Air Corp. by 3.5% in the second quarter. PineBridge Investments L.P. now owns 3,861 shares of the company’s stock valued at $172,000 after buying an additional 129 shares in the last quarter. 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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