Forward Air Co. (NASDAQ:FWRD) Declares Dividend Increase – $0.21 Per Share
Forward Air Co. (NASDAQ:FWRD) declared a quarterly dividend on Tuesday, October 27th, Zacks reports. Investors of record on Wednesday, November 25th will be given a dividend of 0.21 per share by the transportation company on Thursday, December 10th. This represents a $0.84 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Tuesday, November 24th. This is an increase from Forward Air’s previous quarterly dividend of $0.18.
Forward Air has raised its dividend payment by 41.2% over the last three years and has increased its dividend annually for the last 1 consecutive years. Forward Air has a dividend payout ratio of 42.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Forward Air to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 29.2%.
NASDAQ:FWRD opened at $74.47 on Friday. The firm’s 50-day moving average is $64.69 and its 200-day moving average is $55.34. Forward Air has a 52-week low of $39.59 and a 52-week high of $75.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.68 and a current ratio of 1.50. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 40.04 and a beta of 1.13.
In other news, insider Kyle R. Mitchin sold 4,793 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $59.76, for a total transaction of $286,429.68. 1.50% of the stock is currently owned by corporate insiders.
Several research analysts have recently issued reports on FWRD shares. BidaskClub upgraded shares of Forward Air from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 7th. Raymond James upped their target price on shares of Forward Air from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, November 2nd. TheStreet raised shares of Forward Air from a “c+” rating to a “b” rating in a research note on Thursday, September 10th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a research note on Friday, October 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Forward Air from $58.00 to $61.00 and gave the stock a “hold” rating in a research note on Monday, November 2nd. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $66.60.
About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through three segments: Expedited Freight, Intermodal, and Pool Distribution. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
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