Forward Air (FWRD) Downgraded by Zacks Investment Research to Sell
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.
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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