Forward Air Corp. (NASDAQ:FWRD) was upgraded by equities researchers at TheStreet from a “hold” rating to a “buy” rating in a report released on Wednesday.
Several other brokerages also recently commented on FWRD. Zacks Investment Research raised Forward Air Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th. Cowen and Company cut their price objective on Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Tuesday, September 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $49.00.
Forward Air Corp. (NASDAQ:FWRD) traded down 0.02% during trading on Wednesday, hitting $49.14. The stock had a trading volume of 42,114 shares. Forward Air Corp. has a 52-week low of $36.00 and a 52-week high of $49.71. The stock has a market capitalization of $1.50 billion, a PE ratio of 39.41 and a beta of 1.02. The stock’s 50-day moving average is $44.25 and its 200-day moving average is $44.89.
Forward Air Corp. (NASDAQ:FWRD) last announced its quarterly earnings data on Thursday, October 20th. The company reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The company had revenue of $249.60 million for the quarter, compared to the consensus estimate of $250.36 million. Forward Air Corp. had a return on equity of 13.88% and a net margin of 3.92%. Forward Air Corp.’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 EPS. On average, analysts predict that Forward Air Corp. will post $2.06 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Wednesday, November 23rd will be given a dividend of $0.15 per share. This is an increase from Forward Air Corp.’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, November 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.22%. Forward Air Corp.’s dividend payout ratio is presently 48.39%.
In other news, CAO Michael P. Mclean sold 14,779 shares of the 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 of the company’s stock, valued at approximately $1,482,810.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.35% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in Forward Air Corp. during the second quarter worth about $109,000. BlackRock Inc. increased its position in Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock worth $111,000 after buying an additional 300 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Forward Air Corp. during the second quarter worth about $134,000. Advisor Group Inc. purchased a new position in Forward Air Corp. during the second quarter worth about $156,000. Finally, PineBridge Investments L.P. increased 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 worth $172,000 after buying an additional 129 shares during the last quarter. 99.30% of the stock is currently owned by institutional investors and hedge funds.
About Forward Air Corp.