Brokerages expect Forward Air Co. (NASDAQ:FWRD) to announce $279.76 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Forward Air’s earnings, with the highest sales estimate coming in at $282.00 million and the lowest estimate coming in at $278.10 million. Forward Air reported sales of $249.55 million in the same quarter last year, which indicates a positive year over year growth rate of 12.1%. The company is expected to issue its next earnings report after the market closes on Wednesday, October 25th.

According to Zacks, analysts expect that Forward Air will report full year sales of $279.76 million for the current financial year, with estimates ranging from $1.09 billion to $1.10 billion. For the next year, analysts forecast that the business will report sales of $1.18 billion per share, with estimates ranging from $1.16 billion to $1.20 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Forward Air.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.06. Forward Air had a net margin of 7.31% and a return on equity of 15.25%. The company had revenue of $267.50 million during the quarter, compared to analyst estimates of $256.98 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year.

Several research firms have weighed in on FWRD. Cowen and Company reaffirmed a “hold” rating and issued a $51.00 target price on shares of Forward Air in a research report on Thursday, August 10th. Zacks Investment Research downgraded Forward Air from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub downgraded Forward Air from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Wolfe Research downgraded Forward Air from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $60.00 target price on shares of Forward Air in a research report on Friday, October 6th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $52.67.

In other news, CAO Michael P. Mclean sold 15,718 shares of Forward Air stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.05, for a total value of $802,403.90. Following the completion of the transaction, the chief accounting officer now owns 20,559 shares in the company, valued at approximately $1,049,536.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Mclean sold 4,984 shares of Forward Air stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $54.82, for a total value of $273,222.88. Following the completion of the transaction, the insider now owns 13,401 shares of the company’s stock, valued at approximately $734,642.82. The disclosure for this sale can be found here. Insiders sold a total of 23,197 shares of company stock valued at $1,205,367 in the last quarter. Company insiders own 2.40% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pinebridge Investments L.P. boosted its stake in shares of Forward Air by 0.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,980 shares of the transportation company’s stock valued at $212,000 after buying an additional 36 shares during the period. Arizona State Retirement System boosted its stake in shares of Forward Air by 0.6% in the 1st quarter. Arizona State Retirement System now owns 15,773 shares of the transportation company’s stock valued at $750,000 after buying an additional 100 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in shares of Forward Air by 1.6% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 6,970 shares of the transportation company’s stock valued at $332,000 after buying an additional 110 shares during the period. Huntington National Bank boosted its stake in shares of Forward Air by 8.1% in the 2nd quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock valued at $117,000 after buying an additional 165 shares during the period. Finally, Texas Permanent School Fund boosted its stake in shares of Forward Air by 0.8% in the 2nd quarter. Texas Permanent School Fund now owns 22,060 shares of the transportation company’s stock valued at $1,175,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 96.18% of the company’s stock.

TRADEMARK VIOLATION WARNING: This report was originally published by American Banking News and is owned by of American Banking News. If you are viewing this report on another website, it was illegally stolen and republished in violation of US and international trademark & copyright laws. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/10/21/279-76-million-in-sales-expected-for-forward-air-co-fwrd-this-quarter.html.

Forward Air (FWRD) traded up 0.65% during mid-day trading on Friday, hitting $58.50. 126,792 shares of the company’s stock traded hands. Forward Air has a one year low of $40.07 and a one year high of $59.98. The stock has a market cap of $1.77 billion, a PE ratio of 30.60 and a beta of 1.12. The firm’s 50-day moving average price is $55.95 and its 200-day moving average price is $52.68.

About Forward Air

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.

Get a free copy of the Zacks research report on Forward Air (FWRD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Forward Air (NASDAQ:FWRD)

Receive News & Ratings for Forward Air Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forward Air Co. and related companies with MarketBeat.com's FREE daily email newsletter.