Forward Air Corp. (FWRD) PT Lowered to $48.00 at Cowen and Company
Forward Air Corp. (NASDAQ:FWRD) had its price target lowered by equities research analysts at Cowen and Company from $50.00 to $48.00 in a research note issued on Tuesday. The firm currently has a “market perform” rating on the stock. Cowen and Company’s price objective indicates a potential upside of 5.36% from the company’s current price.
FWRD has been the topic of a number of other research reports. BB&T Corp. lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Zacks Investment Research upgraded Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 30th. Finally, Royal Bank Of Canada upgraded Forward Air Corp. from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $52.00 in a research note on Tuesday, May 24th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) traded down 4.24% during trading on Tuesday, reaching $43.63. The company’s stock had a trading volume of 95,143 shares. The company has a market cap of $1.32 billion, a PE ratio of 32.10 and a beta of 1.29. Forward Air Corp. has a 52-week low of $36.00 and a 52-week high of $50.47. The firm’s 50-day moving average is $46.08 and its 200 day moving average is $45.17.
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Forward Air Corp. (NASDAQ:FWRD) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by $0.01. The business 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%. On average, equities research analysts predict that Forward Air Corp. will post $2.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Thursday, August 18th. Forward Air Corp.’s dividend payout ratio is currently 35.56%.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total value of $679,981.79. Following the sale, the chief accounting officer now owns 32,228 shares of the company’s stock, valued at approximately $1,482,810.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Bruce A. Campbell sold 10,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $47.00, for a total value of $470,000.00. Following the completion of the sale, the chairman now directly owns 190,137 shares in the company, valued at approximately $8,936,439. The disclosure for this sale can be found here. Corporate insiders own 3.35% of the company’s stock.
Large investors have recently modified their holdings of the stock. Bank of Montreal Can acquired a new stake in shares of Forward Air Corp. during the second quarter worth $109,000. BlackRock Inc. increased its stake 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 worth $111,000 after buying an additional 300 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Forward Air Corp. during the second quarter worth $134,000. Advisor Group Inc. acquired a new stake in shares of Forward Air Corp. during the second quarter worth $156,000. Finally, PineBridge Investments L.P. increased its stake 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 worth $172,000 after buying an additional 129 shares in the last quarter. 98.42% of the stock is currently owned by hedge funds and other institutional investors.
Forward Air Corp. Company Profile
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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