Zacks Investment Research cut shares of Forward Air (NASDAQ:FWRD) from a hold rating to a sell rating in a report issued on Wednesday.

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). “

A number of other equities research analysts have also recently commented on the stock. BidaskClub raised shares of Forward Air from a sell rating to a hold rating in a report on Saturday, December 2nd. Cowen reaffirmed a market perform rating and issued a $54.00 target price (up from $51.00) on shares of Forward Air in a report on Monday, October 30th. Stifel Nicolaus upped their target price on shares of Forward Air from $47.00 to $52.00 and gave the company a hold rating in a report on Thursday, October 26th. Robert W. Baird reaffirmed a hold rating and issued a $60.00 target price on shares of Forward Air in a report on Friday, October 6th. Finally, KeyCorp reaffirmed a hold rating on shares of Forward Air in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $55.33.

Shares of Forward Air (NASDAQ FWRD) opened at $58.10 on Wednesday. Forward Air has a 1 year low of $45.86 and a 1 year high of $59.97. The firm has a market cap of $1,717.56, a price-to-earnings ratio of 27.28 and a beta of 1.18. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 0.08.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.58. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. The firm had revenue of $280.20 million during the quarter, compared to analysts’ expectations of $278.75 million. During the same period in the previous year, the company earned $0.51 earnings per share. Forward Air’s quarterly revenue was up 12.3% compared to the same quarter last year. equities analysts predict that Forward Air will post 2.33 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Thursday, November 23rd were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, November 21st. This represents a $0.60 annualized dividend and a yield of 1.03%. Forward Air’s dividend payout ratio is currently 28.17%.

In related news, Director George M. Lynch sold 1,640 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $57.00, for a total transaction of $93,480.00. Following the completion of the transaction, the director now directly owns 12,383 shares of the company’s stock, valued at $705,831. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris C. Ruble sold 23,020 shares of the stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $57.75, for a total transaction of $1,329,405.00. Following the transaction, the insider now directly owns 28,279 shares of the company’s stock, valued at $1,633,112.25. The disclosure for this sale can be found here. Insiders have sold 93,549 shares of company stock valued at $5,250,836 over the last three months. 2.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FWRD. Cambiar Investors LLC acquired a new position in Forward Air during the third quarter worth about $8,421,000. Victory Capital Management Inc. grew its position in shares of Forward Air by 12.5% in the third quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock valued at $71,850,000 after purchasing an additional 139,363 shares during the last quarter. AHL Partners LLP grew its position in shares of Forward Air by 358.3% in the second quarter. AHL Partners LLP now owns 95,269 shares of the transportation company’s stock valued at $5,076,000 after purchasing an additional 74,480 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Forward Air by 93.2% in the second quarter. Alliancebernstein L.P. now owns 86,110 shares of the transportation company’s stock valued at $4,588,000 after purchasing an additional 41,540 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Forward Air by 16.1% in the third quarter. Russell Investments Group Ltd. now owns 201,353 shares of the transportation company’s stock valued at $11,524,000 after purchasing an additional 27,969 shares during the last quarter. Institutional investors own 95.70% of the company’s stock.

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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.

Analyst Recommendations for Forward Air (NASDAQ:FWRD)

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