Equities Analysts Set Expectations for Forward Air Corp.’s Q3 2016 Earnings (FWRD)
Forward Air Corp. (NASDAQ:FWRD) – Equities research analysts at William Blair cut their Q3 2016 earnings per share (EPS) estimates for Forward Air Corp. in a report released on Tuesday. William Blair analyst N. Brochmann now forecasts that the firm will post earnings of $0.51 per share for the quarter, down from their prior forecast of $0.62. William Blair also issued estimates for Forward Air Corp.’s Q4 2016 earnings at $0.64 EPS and FY2017 earnings at $2.52 EPS.
Forward Air Corp. (NASDAQ:FWRD) last announced 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. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. The firm earned $238.60 million during the quarter, compared to analyst estimates of $247.86 million.
A number of other brokerages also recently commented on FWRD. Zacks Investment Research upgraded Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Cowen and Company increased their price target on Forward Air Corp. from $47.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, July 25th. 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 raised Forward Air Corp. from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $50.00 to $52.00 in a research note on Tuesday, May 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Forward Air Corp. currently has a consensus rating of “Buy” and a consensus target price of $50.00.
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Shares of Forward Air Corp. (NASDAQ:FWRD) traded down 1.99% on Wednesday, reaching $42.82. 100,681 shares of the company traded hands. The company has a market capitalization of $1.30 billion, a PE ratio of 31.51 and a beta of 1.29. The firm has a 50-day moving average of $46.01 and a 200-day moving average of $45.18. Forward Air Corp. has a 52-week low of $36.00 and a 52-week high of $50.47.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were paid 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 1.10%. Forward Air Corp.’s dividend payout ratio is currently 35.56%.
In related news, CAO Michael P. Mclean sold 4,700 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $46.00, for a total transaction of $216,200.00. Following the completion of the transaction, the chief accounting officer now owns 22,149 shares of the company’s stock, valued at $1,018,854. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michael P. Mclean sold 5,493 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $45.75, for a total value of $251,304.75. Following the transaction, the chief accounting officer now directly owns 22,942 shares of the company’s stock, valued at approximately $1,049,596.50. The disclosure for this sale can be found here. Corporate insiders own 3.35% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new position in shares of Forward Air Corp. during the second quarter valued at $109,000. BlackRock Inc. boosted 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 in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Forward Air Corp. during the second quarter valued at $134,000. Advisor Group Inc. purchased a new position in shares of Forward Air Corp. during the second quarter valued at $156,000. Finally, PineBridge Investments L.P. boosted 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 in the last quarter. 98.42% of the stock is owned by institutional investors and hedge funds.
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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