Zacks Investment Research downgraded shares of Forward Air (NASDAQ:FWRD) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Forward Air Corporation is a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market. Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Brokerage (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). “

FWRD has been the topic of a number of other reports. Robert W. Baird raised shares of Forward Air from a neutral rating to an outperform rating in a research note on Thursday, January 18th. BidaskClub raised shares of Forward Air from a sell rating to a hold rating in a research note on Saturday, December 2nd. Finally, Stephens reaffirmed a buy rating and issued a $80.00 price target on shares of Forward Air in a research note on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $61.40.

Shares of Forward Air (FWRD) opened at $55.88 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.68 and a current ratio of 2.71. Forward Air has a one year low of $45.86 and a one year high of $64.80. The stock has a market cap of $1,653.48, a price-to-earnings ratio of 19.34 and a beta of 1.24.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, February 7th. The transportation company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.03. Forward Air had a net margin of 7.93% and a return on equity of 13.91%. The company had revenue of $306.10 million for the quarter, compared to the consensus estimate of $301.47 million. During the same period in the previous year, the business earned $0.58 EPS. The company’s revenue was up 15.6% on a year-over-year basis. equities research analysts anticipate that Forward Air will post 3.04 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Thursday, March 8th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Wednesday, March 7th. Forward Air’s dividend payout ratio (DPR) is presently 20.76%.

In other news, Director George M. Lynch sold 2,443 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $55.47, for a total value of $135,513.21. Following the transaction, the director now directly owns 9,940 shares of the company’s stock, valued at $551,371.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB acquired a new position in shares of Forward Air in the fourth quarter worth $261,000. Segall Bryant & Hamill LLC boosted its holdings in Forward Air by 10.1% in the fourth quarter. Segall Bryant & Hamill LLC now owns 99,163 shares of the transportation company’s stock worth $5,696,000 after purchasing an additional 9,082 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in Forward Air in the fourth quarter worth $745,000. Verition Fund Management LLC bought a new stake in Forward Air in the fourth quarter worth $238,000. Finally, Millennium Management LLC boosted its holdings in Forward Air by 22.7% in the fourth quarter. Millennium Management LLC now owns 173,348 shares of the transportation company’s stock worth $9,957,000 after purchasing an additional 32,092 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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About Forward Air

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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