Forward Air Corp. to Post Q3 2016 Earnings of $0.50 Per Share, KeyCorp Forecasts (FWRD)
Forward Air Corp. (NASDAQ:FWRD) – KeyCorp cut their Q3 2016 earnings per share (EPS) estimates for Forward Air Corp. in a research note issued to investors on Tuesday. KeyCorp analyst T. Fowler now expects that the brokerage will earn $0.50 per share for the quarter, down from their prior estimate of $0.61. KeyCorp also issued estimates for Forward Air Corp.’s FY2016 earnings at $2.10 EPS.
Forward Air Corp. (NASDAQ:FWRD) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $238.60 million for the quarter, compared to the consensus estimate 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 weighed in on FWRD. Cowen and Company increased their price objective 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 upgraded 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Forward Air Corp. has an average rating of “Hold” and an average target price of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 43.26 on Thursday. Forward Air Corp. has a one year low of $36.00 and a one year high of $50.47. The company has a market capitalization of $1.31 billion, a P/E ratio of 31.83 and a beta of 1.29. The stock’s 50 day moving average price is $45.19 and its 200-day moving average price is $45.18.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWRD. Bank of Montreal Can purchased a new position in Forward Air Corp. during the second quarter worth approximately $109,000. BlackRock Inc. boosted its position in Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock worth $111,000 after buying an additional 300 shares during the period. Tower Research Capital LLC TRC purchased a new position in Forward Air Corp. during the second quarter worth approximately $134,000. Advisor Group Inc. purchased a new position in Forward Air Corp. during the second quarter worth approximately $156,000. Finally, PineBridge Investments L.P. boosted its position in Forward Air Corp. by 3.5% in the second quarter. PineBridge Investments L.P. now owns 3,861 shares of the company’s stock worth $172,000 after buying an additional 129 shares during the period. Institutional investors own 98.42% of the company’s stock.
In other Forward Air Corp. news, insider Rodney L. Bell sold 1,200 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $47.01, for a total transaction of $56,412.00. Following the transaction, the insider now directly owns 91,461 shares in the company, valued at $4,299,581.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michael P. Mclean sold 14,779 shares of the company’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total value of $679,981.79. Following the transaction, the chief accounting officer now owns 32,228 shares in the company, valued at $1,482,810.28. The disclosure for this sale can be found here. Company insiders own 3.35% of the company’s stock.
The company also recently declared 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, August 18th. Forward Air Corp.’s dividend payout ratio (DPR) is 35.56%.
Forward Air Corp. 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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