Forward Air Corp. (FWRD) Sees Strong Trading Volume
Shares of Forward Air Corp. (NASDAQ:FWRD) saw unusually-strong trading volume on Wednesday . Approximately 189,054 shares were traded during trading, an increase of 11% from the previous session’s volume of 169,997 shares.The stock last traded at $42.75 and had previously closed at $43.69.
Several equities analysts recently issued reports on FWRD shares. Royal Bank Of Canada upgraded Forward Air Corp. from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $50.00 to $52.00 in a research note on Tuesday, May 24th. Zacks Investment Research upgraded Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 24th. BB&T Corp. lowered Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, Cowen and Company boosted their price target on Forward Air Corp. from $47.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, July 25th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $50.00.
The firm’s 50 day moving average is $45.93 and its 200-day moving average is $45.17. The company has a market cap of $1.30 billion, a P/E ratio of 31.64 and a beta of 1.29.
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Forward Air Corp. (NASDAQ:FWRD) last posted its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. The company had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. Equities research analysts predict that Forward Air Corp. will post $2.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.12%. Forward Air Corp.’s payout ratio is presently 35.56%.
In other news, Chairman Bruce A. Campbell sold 80,000 shares of Forward Air Corp. stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $46.50, for a total transaction of $3,720,000.00. Following the transaction, the chairman now owns 260,137 shares in the company, valued at $12,096,370.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michael P. Mclean sold 14,779 shares of Forward Air Corp. stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total transaction of $679,981.79. Following the transaction, the chief accounting officer now owns 32,228 shares in the company, valued at approximately $1,482,810.28. 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. Mason Street Advisors LLC acquired a new position in shares of Forward Air Corp. during the second quarter worth approximately $265,000. Public Employees Retirement System of Ohio raised its position in shares of Forward Air Corp. by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 56,590 shares of the company’s stock worth $2,520,000 after buying an additional 173 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Forward Air Corp. by 1.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 139,030 shares of the company’s stock worth $6,192,000 after buying an additional 2,086 shares during the period. Arizona State Retirement System raised its position in shares of Forward Air Corp. by 1.3% in the second quarter. Arizona State Retirement System now owns 15,773 shares of the company’s stock worth $702,000 after buying an additional 200 shares during the period. Finally, Paloma Partners Management Co acquired a new position in shares of Forward Air Corp. during the second quarter worth approximately $323,000. Institutional investors own 98.42% of the company’s stock.
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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