$258.34 Million in Sales Expected for Forward Air Corporation (FWRD) This Quarter
Wall Street analysts forecast that Forward Air Corporation (NASDAQ:FWRD) will announce $258.34 million in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Forward Air Corporation’s earnings, with the lowest sales estimate coming in at $256.80 million and the highest estimate coming in at $260.20 million. Forward Air Corporation reported sales of $238.64 million during the same quarter last year, which would suggest a positive year over year growth rate of 8.3%. The company is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, July 26th.
According to Zacks, analysts expect that Forward Air Corporation will report full-year sales of $258.34 million for the current financial year, with estimates ranging from $1.06 billion to $1.09 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.15 billion per share, with estimates ranging from $1.13 billion to $1.17 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Forward Air Corporation.
Forward Air Corporation (NASDAQ:FWRD) last posted its quarterly earnings data on Wednesday, April 26th. The transportation company reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.06. Forward Air Corporation had a net margin of 2.88% and a return on equity of 13.06%. The firm had revenue of $246.98 million for the quarter, compared to the consensus estimate of $239.47 million. During the same period in the prior year, the firm posted $0.43 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year.
Several brokerages have recently issued reports on FWRD. Stifel Nicolaus raised their price objective on shares of Forward Air Corporation from $46.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, April 28th. Zacks Investment Research upgraded shares of Forward Air Corporation from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Wednesday, May 31st. Finally, BidaskClub downgraded shares of Forward Air Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Forward Air Corporation presently has an average rating of “Hold” and an average price target of $49.75.
Forward Air Corporation (NASDAQ:FWRD) opened at 54.66 on Friday. The firm’s 50-day moving average is $52.17 and its 200-day moving average is $49.60. The company has a market capitalization of $1.65 billion, a P/E ratio of 58.40 and a beta of 1.07. Forward Air Corporation has a 1-year low of $40.07 and a 1-year high of $54.90.
In other news, Chairman Bruce A. Campbell sold 7,686 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $52.46, for a total value of $403,207.56. Following the sale, the chairman now owns 193,006 shares in the company, valued at $10,125,094.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director C Robert Campbell sold 1,718 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $52.99, for a total transaction of $91,036.82. Following the completion of the sale, the director now owns 19,652 shares in the company, valued at approximately $1,041,359.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,984 shares of company stock worth $4,008,360. 2.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of FWRD. BlackRock Inc. increased its stake in Forward Air Corporation by 157,904.2% in the first quarter. BlackRock Inc. now owns 3,803,161 shares of the transportation company’s stock worth $180,917,000 after buying an additional 3,800,754 shares in the last quarter. Vanguard Group Inc. increased its stake in Forward Air Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 2,678,842 shares of the transportation company’s stock worth $127,433,000 after buying an additional 114,244 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Forward Air Corporation by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,204,402 shares of the transportation company’s stock worth $57,292,000 after buying an additional 23,046 shares in the last quarter. Victory Capital Management Inc. increased its stake in Forward Air Corporation by 2.5% in the first quarter. Victory Capital Management Inc. now owns 1,120,726 shares of the transportation company’s stock worth $53,313,000 after buying an additional 26,978 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Forward Air Corporation by 0.6% in the first quarter. Wellington Management Group LLP now owns 1,085,179 shares of the transportation company’s stock worth $51,621,000 after buying an additional 6,690 shares in the last quarter. Hedge funds and other institutional investors own 98.13% of the company’s stock.
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About Forward Air Corporation
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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