Forward Air Corporation’s (FWRD) “Hold” Rating Reiterated at Robert W. Baird
Forward Air Corporation (NASDAQ:FWRD)‘s stock had its “hold” rating reaffirmed by equities research analysts at Robert W. Baird in a research report issued on Friday. They presently have a $60.00 price objective on the transportation company’s stock. Robert W. Baird’s price target indicates a potential upside of 2.21% from the stock’s current price.
Several other analysts also recently weighed in on the company. BidaskClub upgraded Forward Air Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. KeyCorp reaffirmed a “hold” rating on shares of Forward Air Corporation in a report on Friday, September 22nd. Wolfe Research cut Forward Air Corporation from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Zacks Investment Research cut Forward Air Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $51.00 price target on shares of Forward Air Corporation in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. Forward Air Corporation currently has an average rating of “Hold” and a consensus price target of $52.67.
Forward Air Corporation (NASDAQ FWRD) traded up 1.47% during trading on Friday, reaching $58.70. The company had a trading volume of 135,747 shares. Forward Air Corporation has a 12 month low of $40.07 and a 12 month high of $58.75. The company has a market capitalization of $1.78 billion, a P/E ratio of 30.70 and a beta of 1.12. The stock has a 50 day moving average of $53.63 and a 200-day moving average of $51.77.
Forward Air Corporation (NASDAQ:FWRD) last announced its earnings results on Wednesday, July 26th. The transportation company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.06. Forward Air Corporation had a return on equity of 13.31% and a net margin of 5.68%. The firm had revenue of $267.50 million during the quarter, compared to the consensus estimate of $256.98 million. During the same quarter in the prior year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts expect that Forward Air Corporation will post $2.35 EPS for the current fiscal year.
In related news, CAO Michael P. Mclean sold 15,718 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.05, for a total transaction of $802,403.90. Following the completion of the sale, the chief accounting officer now directly owns 20,559 shares of the company’s stock, valued at approximately $1,049,536.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Mclean sold 4,984 shares of the firm’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $54.82, for a total value of $273,222.88. Following the sale, the insider now directly owns 13,401 shares of the company’s stock, valued at $734,642.82. The disclosure for this sale can be found here. Insiders have sold a total of 23,197 shares of company stock valued at $1,205,367 over the last ninety days. Insiders own 2.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Forward Air Corporation during the 2nd quarter valued at $452,000. Public Employees Retirement System of Ohio increased its holdings in Forward Air Corporation by 0.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 56,848 shares of the transportation company’s stock valued at $3,029,000 after purchasing an additional 175 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Forward Air Corporation during the 2nd quarter valued at $348,000. Ameritas Investment Partners Inc. boosted its position in Forward Air Corporation by 10.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock valued at $140,000 after buying an additional 246 shares during the last quarter. Finally, CS Mckee LP boosted its position in Forward Air Corporation by 0.9% in the 2nd quarter. CS Mckee LP now owns 32,300 shares of the transportation company’s stock valued at $1,721,000 after buying an additional 300 shares during the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.
Forward Air Corporation Company Profile
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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