Forward Air Corp. (FWRD) Upgraded by TheStreet to Buy
A number of other research firms have also recently weighed in on FWRD. Zacks Investment Research cut shares of Forward Air Corp. from a hold rating to a sell rating in a research note on Monday, September 26th. Cowen and Company lowered their target price on shares of Forward Air Corp. from $48.00 to $45.00 and set a market perform rating on the stock in a research note on Friday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $49.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) traded down 0.02% during midday trading on Wednesday, reaching $49.14. The company had a trading volume of 42,114 shares. Forward Air Corp. has a 12 month low of $36.00 and a 12 month high of $49.71. The company has a market capitalization of $1.50 billion, a P/E ratio of 39.41 and a beta of 1.02. The firm’s 50 day moving average price is $44.25 and its 200-day moving average price is $44.89.
Forward Air Corp. (NASDAQ:FWRD) last announced its quarterly earnings data on Thursday, October 20th. The company reported $0.51 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.51. The business earned $249.60 million during the quarter, compared to analyst estimates of $250.36 million. Forward Air Corp. had a net margin of 3.92% and a return on equity of 13.88%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share. Analysts anticipate that Forward Air Corp. will post $2.06 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 23rd will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.22%. This is a boost from Forward Air Corp.’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, November 21st. Forward Air Corp.’s dividend payout ratio is currently 48.39%.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the company’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $46.01, for a total transaction of $679,981.79. Following the sale, the chief accounting officer now directly owns 32,228 shares of the company’s stock, valued at $1,482,810.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.35% of the company’s stock.
Hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Forward Air Corp. by 1.3% in the first quarter. State Street Corp now owns 681,499 shares of the company’s stock valued at $30,886,000 after buying an additional 8,417 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake 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 valued at $448,000 after buying an additional 4,957 shares in the last quarter. Capstone Asset Management Co. boosted its stake 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 valued at $409,000 after buying an additional 90 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its stake 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 valued at $659,000 after buying an additional 5,355 shares in the last quarter. Finally, Donald L. Hagan LLC boosted its stake in shares of Forward Air Corp. by 2.3% in the second quarter. Donald L. Hagan LLC now owns 11,455 shares of the company’s stock valued at $510,000 after buying an additional 263 shares in the last quarter. 99.30% of the stock is currently owned by hedge funds and other institutional investors.
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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