Forward Air (NASDAQ:FWRD) Shares Down 8.4% Following Weak Earnings

Forward Air Corporation (NASDAQ:FWRD)’s share price traded down 8.4% during mid-day trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $26.60 and last traded at $25.4770. 36,746 shares were traded during trading, a decline of 93% from the average session volume of 538,565 shares. The stock had previously closed at $27.82.

The transportation company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $631.23 million for the quarter, compared to the consensus estimate of $629.60 million. Forward Air had a negative return on equity of 42.67% and a negative net margin of 4.32%.The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted ($1.23) EPS.

Analysts Set New Price Targets

FWRD has been the subject of a number of research reports. Stifel Nicolaus lifted their price objective on shares of Forward Air from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Air in a research report on Thursday, January 22nd. Susquehanna reaffirmed a “positive” rating and set a $42.00 price objective on shares of Forward Air in a research report on Tuesday. Zacks Research lowered shares of Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Forward Air in a report on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.00.

Institutional Investors Weigh In On Forward Air

Several large investors have recently made changes to their positions in the company. Amalgamated Bank grew its holdings in Forward Air by 8.5% in the 2nd quarter. Amalgamated Bank now owns 6,174 shares of the transportation company’s stock worth $152,000 after buying an additional 484 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Forward Air by 26.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,499 shares of the transportation company’s stock worth $61,000 after purchasing an additional 530 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Forward Air by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company’s stock worth $299,000 after purchasing an additional 624 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Forward Air by 12.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,725 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 629 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Forward Air by 7.0% during the first quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 654 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Forward Air Stock Down 4.8%

The firm’s fifty day moving average is $27.15 and its two-hundred day moving average is $25.60. The firm has a market cap of $785.94 million, a price-to-earnings ratio of -7.14 and a beta of 1.35. The company has a debt-to-equity ratio of 10.58, a current ratio of 1.22 and a quick ratio of 1.20.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.