Forward Air Corp. (NASDAQ:FWRD) had its price target cut by analysts at Cowen and Company from $50.00 to $48.00 in a report released on Tuesday. The firm presently has a “market perform” rating on the stock. Cowen and Company’s price objective points to a potential upside of 11.63% from the stock’s current price.
A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 24th. BB&T Corp. cut Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, Royal Bank Of Canada upgraded Forward Air Corp. from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $50.00 to $52.00 in a research note on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Forward Air Corp. currently has a consensus rating of “Buy” and an average price target of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 43.00 on Tuesday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 31.64 and a beta of 1.29. The stock’s 50 day moving average price is $45.93 and its 200-day moving average price is $45.17. Forward Air Corp. has a 12 month low of $36.00 and a 12 month high of $50.47.
Forward Air Corp. (NASDAQ:FWRD) last posted its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by $0.01. The business had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $247.86 million. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. Equities research analysts predict that Forward Air Corp. will post $2.24 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date was Thursday, August 18th. Forward Air Corp.’s payout ratio is currently 35.56%.
In other news, insider Rodney L. Bell sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $47.01, for a total value of $56,412.00. Following the transaction, the insider now owns 91,461 shares of the company’s stock, valued at $4,299,581.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Rodney L. Bell sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $46.50, for a total value of $48,825.00. Following the completion of the transaction, the insider now directly owns 109,946 shares in the company, valued at approximately $5,112,489. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Forward Air Corp. by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,422,040 shares of the company’s stock worth $107,853,000 after buying an additional 45,427 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Forward Air Corp. by 0.9% in the second quarter. BlackRock Fund Advisors now owns 1,926,422 shares of the company’s stock worth $85,784,000 after buying an additional 18,047 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Forward Air Corp. by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,112,748 shares of the company’s stock worth $49,550,000 after buying an additional 53,166 shares in the last quarter. RidgeWorth Capital Management LLC raised its position in shares of Forward Air Corp. by 2.0% in the second quarter. RidgeWorth Capital Management LLC now owns 1,073,400 shares of the company’s stock worth $48,292,000 after buying an additional 20,910 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Forward Air Corp. by 3,259.1% in the first quarter. Wellington Management Group LLP now owns 805,994 shares of the company’s stock worth $36,527,000 after buying an additional 782,000 shares in the last quarter. 98.42% of the stock is currently owned by institutional investors and hedge funds.
About Forward Air Corp.
Forward Air Corporation offers services, which are classified into three segments: Forward Air, Forward Air Solutions (FASI) and Total Quality (TQI). The Company, through its three segments, offers a range of logistic and other services, including expedited full truckload (TLX), pick-up and delivery (Forward Air Complete), pool distribution, temperature-controlled truckload, warehousing, customs brokerage and shipment consolidation and handling.
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