Forward Air Corp. (NASDAQ:FWRD) was upgraded by research analysts at TheStreet from a “hold” rating to a “buy” rating in a research note issued on Wednesday.
FWRD has been the topic of several other research reports. Zacks Investment Research upgraded Forward Air Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Cowen and Company cut their target price on Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating on the stock in a research note on Tuesday, September 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) traded down 0.02% during midday trading on Wednesday, hitting $49.14. The company had a trading volume of 42,114 shares. The firm’s 50-day moving average is $44.25 and its 200-day moving average is $44.89. The firm has a market capitalization of $1.50 billion, a P/E ratio of 39.41 and a beta of 1.02. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $49.71.
Forward Air Corp. (NASDAQ:FWRD) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $249.60 million for the quarter, compared to analysts’ expectations of $250.36 million. Forward Air Corp. had a return on equity of 13.88% and a net margin of 3.92%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 earnings per share. On average, analysts predict that Forward Air Corp. will post $2.06 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 23rd will be paid a $0.15 dividend. This is a positive change from Forward Air Corp.’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Monday, November 21st. This represents a $0.60 annualized dividend and a yield of 1.22%. Forward Air Corp.’s dividend payout ratio is presently 48.39%.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total value of $679,981.79. Following the transaction, the chief accounting officer now owns 32,228 shares of the company’s stock, valued at $1,482,810.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.35% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Capstone Asset Management Co. raised its position in Forward Air Corp. by 1.0% in the second quarter. Capstone Asset Management Co. now owns 9,188 shares of the company’s stock valued at $409,000 after buying an additional 90 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Forward Air Corp. by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,760 shares of the company’s stock valued at $292,000 after buying an additional 110 shares during the last quarter. Northwest Investment Counselors LLC raised its position in Forward Air Corp. by 0.9% in the second quarter. Northwest Investment Counselors LLC now owns 13,406 shares of the company’s stock valued at $597,000 after buying an additional 114 shares during the last quarter. PineBridge Investments L.P. raised its position 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 valued at $172,000 after buying an additional 129 shares during the last quarter. Finally, Rothschild Asset Management Inc. raised its position in Forward Air Corp. by 2.4% in the third quarter. Rothschild Asset Management Inc. now owns 6,851 shares of the company’s stock valued at $296,000 after buying an additional 161 shares during the last quarter. 99.30% of the stock is currently owned by hedge funds and other institutional investors.
Forward Air Corp. Company Profile