Forward Air Corp. (FWRD) PT Lowered to $48.00
Forward Air Corp. (NASDAQ:FWRD) had its target price decreased by Cowen and Company from $50.00 to $48.00 in a report issued on Tuesday. The brokerage presently has a “market perform” rating on the stock. Cowen and Company’s target price would suggest a potential upside of 5.36% from the stock’s previous close.
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 research report on Tuesday, July 26th. BB&T Corp. cut Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Finally, Royal Bank Of Canada raised Forward Air Corp. from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $50.00 to $52.00 in a research report on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $50.00.
Forward Air Corp. (NASDAQ:FWRD) traded down 4.24% during mid-day trading on Tuesday, hitting $43.63. The stock had a trading volume of 93,742 shares. The stock has a 50-day moving average price of $46.08 and a 200 day moving average price of $45.17. The firm has a market cap of $1.32 billion, a P/E ratio of 32.10 and a beta of 1.29. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47.
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Forward Air Corp. (NASDAQ:FWRD) last announced its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. The firm earned $238.60 million during the quarter, compared to analyst estimates of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. Equities analysts anticipate that Forward Air Corp. will post $2.33 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were given a dividend of $0.12 per share. The ex-dividend date was Thursday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. Forward Air Corp.’s payout ratio is 35.56%.
In other news, Chairman Bruce A. Campbell sold 80,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $46.50, for a total transaction of $3,720,000.00. Following the completion of the transaction, the chairman now directly owns 260,137 shares of the company’s stock, valued at approximately $12,096,370.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael L. Hance sold 18,000 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $46.05, for a total value of $828,900.00. Following the transaction, the vice president now directly owns 18,646 shares of the company’s stock, valued at $858,648.30. The disclosure for this sale can be found here. Company insiders own 3.35% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased 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 during the period. BlackRock Group LTD increased its position in shares of Forward Air Corp. by 6.0% in the first quarter. BlackRock Group LTD now owns 43,521 shares of the company’s stock worth $1,973,000 after buying an additional 2,463 shares during the period. Prudential Financial Inc. increased its position in shares of Forward Air Corp. by 1.6% in the first quarter. Prudential Financial Inc. now owns 75,507 shares of the company’s stock worth $3,422,000 after buying an additional 1,200 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Forward Air Corp. by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 757,970 shares of the company’s stock worth $34,351,000 after buying an additional 9,662 shares during the period. Finally, Capstone Asset Management Co. increased its position in shares of Forward Air Corp. by 1.0% in the second quarter. Capstone Asset Management Co. now owns 9,188 shares of the company’s stock worth $409,000 after buying an additional 90 shares during the period. 98.42% of the stock is 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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