Forward Air Corp. (FWRD) Shares Down 4.5% on Analyst Downgrade
Forward Air Corp. (NASDAQ:FWRD)’s share price traded down 4.5% on Tuesday after Cowen and Company lowered their price target on the stock from $50.00 to $48.00. Cowen and Company currently has a market perform rating on the stock. Forward Air Corp. traded as low as $42.17 and last traded at $43.50, with a volume of 120,142 shares. The stock had previously closed at $45.56.
Other equities analysts also recently issued research 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. downgraded Forward Air Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, Royal Bank Of Canada raised Forward Air Corp. from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $52.00 in a report 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 company has a consensus rating of “Buy” and an average price target of $50.00.
In related news, insider Rodney L. Bell sold 10,509 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $46.74, for a total value of $491,190.66. Following the sale, the insider now owns 118,627 shares in the company, valued at approximately $5,544,625.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Bruce A. Campbell sold 80,000 shares of the stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $46.50, for a total value of $3,720,000.00. Following the completion of the sale, the chairman now owns 260,137 shares in the company, valued at approximately $12,096,370.50. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
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A number of large investors have recently bought and sold shares of FWRD. Bank of Montreal Can acquired a new stake in Forward Air Corp. during the second quarter worth $109,000. BlackRock Inc. boosted its stake in 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 during the period. Tower Research Capital LLC TRC acquired a new stake in Forward Air Corp. during the second quarter worth $134,000. Advisor Group Inc. acquired a new stake in Forward Air Corp. during the second quarter worth $156,000. Finally, PineBridge Investments L.P. boosted its stake in 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 during the period. Institutional investors and hedge funds own 98.42% of the company’s stock.
The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 31.99 and a beta of 1.29. The firm’s 50 day moving average price is $46.08 and its 200-day moving average price is $45.17.
Forward Air Corp. (NASDAQ:FWRD) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The firm had revenue of $238.60 million for 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 analysts expect that Forward Air Corp. will post $2.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. Forward Air Corp.’s dividend payout ratio is 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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