Forward Air Corporation (FWRD) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Forward Air Corporation (NASDAQ:FWRD) from a hold rating to a sell rating in a research note issued to investors on Friday 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). “
Several other equities research analysts have also commented on the company. KeyCorp reissued a hold rating on shares of Forward Air Corporation in a research note on Friday, September 22nd. BidaskClub downgraded Forward Air Corporation from a hold rating to a sell rating in a research report on Monday, July 24th. Robert W. Baird restated a hold rating and set a $60.00 price objective on shares of Forward Air Corporation in a research report on Friday, October 6th. Wolfe Research downgraded Forward Air Corporation from an outperform rating to a market perform rating in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus lifted their price objective on Forward Air Corporation from $47.00 to $52.00 and gave the stock a hold rating in a research report on Thursday, October 26th. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The company presently has an average rating of Hold and a consensus target price of $55.33.
Shares of Forward Air Corporation (NASDAQ:FWRD) opened at 57.09 on Friday. The stock’s 50 day moving average price is $56.78 and its 200-day moving average price is $53.21. Forward Air Corporation has a 52-week low of $41.06 and a 52-week high of $59.97. The firm has a market cap of $1.73 billion, a PE ratio of 29.86 and a beta of 1.12.
Forward Air Corporation (NASDAQ:FWRD) last announced its quarterly earnings data on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.58. Forward Air Corporation had a return on equity of 13.76% and a net margin of 6.10%. The company had revenue of $280.20 million for the quarter, compared to analyst estimates of $278.75 million. During the same quarter in the previous year, the company earned $0.51 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that Forward Air Corporation will post $2.33 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 23rd will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $0.60 annualized dividend and a yield of 1.05%. Forward Air Corporation’s dividend payout ratio (DPR) is presently 28.17%.
In other news, CAO Michael P. Mclean sold 15,718 shares of the company’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 in the company, valued at approximately $1,049,536.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael P. Mclean sold 4,984 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $54.82, for a total value of $273,222.88. Following the sale, the insider now owns 13,401 shares of the company’s stock, valued at $734,642.82. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its holdings in shares of Forward Air Corporation by 72.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,897 shares of the transportation company’s stock worth $101,000 after buying an additional 797 shares during the last quarter. Huntington National Bank increased its holdings in shares of Forward Air Corporation by 8.1% during the 2nd quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock worth $117,000 after buying an additional 165 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Forward Air Corporation during the 2nd quarter worth $117,000. US Bancorp DE increased its holdings in shares of Forward Air Corporation by 22.6% during the 2nd quarter. US Bancorp DE now owns 2,411 shares of the transportation company’s stock worth $129,000 after buying an additional 445 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Forward Air Corporation by 10.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock worth $140,000 after buying an additional 246 shares during the last quarter. Institutional investors and hedge funds own 96.20% of the company’s stock.
About Forward Air Corporation
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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