Forward Air Corp. (NASDAQ:FWRD) – Equities researchers at KeyCorp lowered their Q3 2016 earnings estimates for Forward Air Corp. in a research note issued to investors on Tuesday. KeyCorp analyst T. Fowler now anticipates that the firm will earn $0.50 per share for the quarter, down from their previous forecast of $0.61. KeyCorp also issued estimates for Forward Air Corp.’s FY2016 earnings at $2.10 EPS.
Forward Air Corp. (NASDAQ:FWRD) last released its quarterly 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 company earned $238.60 million during the quarter, compared to the consensus estimate of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%.
Other analysts have also recently issued reports about the company. Zacks Investment Research raised Forward Air Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Cowen and Company upped their price objective on Forward Air Corp. from $47.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, July 25th. BB&T Corp. cut Forward Air Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, TheStreet cut Forward Air Corp. from a “buy” rating to a “hold” rating in a report on Thursday, September 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Forward Air Corp. has a consensus rating of “Hold” and a consensus price target of $50.00.
Forward Air Corp. (NASDAQ:FWRD) traded up 0.75% during mid-day trading on Thursday, reaching $43.19. 38,679 shares of the company traded hands. The firm has a market capitalization of $1.31 billion, a P/E ratio of 31.78 and a beta of 1.29. The company’s 50 day moving average price is $45.38 and its 200 day moving average price is $45.20. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can bought a new stake in Forward Air Corp. during the second quarter valued at $109,000. BlackRock Inc. increased its position in shares of Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock valued at $111,000 after buying an additional 300 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Forward Air Corp. during the second quarter valued at approximately $134,000. Advisor Group Inc. acquired a new position in shares of Forward Air Corp. during the second quarter valued at approximately $156,000. Finally, PineBridge Investments L.P. increased its position in shares of Forward Air Corp. by 3.5% in the second quarter. PineBridge Investments L.P. now owns 3,861 shares of the company’s stock valued at $172,000 after buying an additional 129 shares during the period. Institutional investors own 98.42% of the company’s stock.
In related news, CAO Michael P. Mclean sold 5,493 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $45.75, for a total transaction of $251,304.75. Following the sale, the chief accounting officer now owns 22,942 shares in the company, valued at approximately $1,049,596.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rodney L. Bell sold 1,050 shares of the stock in a transaction 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 sale, the insider now owns 109,946 shares in the company, valued at approximately $5,112,489. The disclosure for this sale can be found here. Corporate insiders own 3.35% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.48 annualized dividend and a yield of 1.12%. Forward Air Corp.’s payout ratio is presently 35.56%.
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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