According to Zacks, “Forward Air Corporation is a high-service level truckload carrier and contractor to the air cargo industry. The company provides scheduled trucking services to air freight forwarders, fully integrated air cargo carriers and domestic and international airlines through its Forward Air operations. Through its truckload operations, the company provides short- to medium-haul delivery to the high-service segment of the general commodities truckload market. “
A number of other analysts also recently weighed in on the stock. TheStreet downgraded shares of Forward Air Corp. from a buy rating to a hold rating in a report on Thursday, September 22nd. Cowen and Company cut their price target on shares of Forward Air Corp. from $50.00 to $48.00 and set a market perform rating for the company in a report on Tuesday, September 20th. Finally, BB&T Corp. downgraded shares of Forward Air Corp. from a buy rating to a hold rating in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 42.87 on Monday. The company has a market capitalization of $1.30 billion, a PE ratio of 31.55 and a beta of 1.29. The firm has a 50-day moving average of $45.38 and a 200-day moving average of $45.20. Forward Air Corp. has a 52 week low of $36.00 and a 52 week high of $50.47.
Forward Air Corp. (NASDAQ:FWRD) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.01. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. The firm had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. Equities analysts expect that Forward Air Corp. will post $2.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend was Thursday, August 18th. Forward Air Corp.’s dividend payout ratio is 35.56%.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $46.01, for a total value of $679,981.79. Following the completion of the transaction, the chief accounting officer now directly owns 32,228 shares in the company, valued at approximately $1,482,810.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Michael L. Hance sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $46.05, for a total transaction of $828,900.00. Following the completion of the transaction, the vice president now owns 18,646 shares of the company’s stock, valued at $858,648.30. The disclosure for this sale can be found here. Corporate insiders own 3.35% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can acquired a new position in shares of Forward Air Corp. during the second quarter valued at about $109,000. BlackRock Inc. boosted its position in shares of Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock valued at $111,000 after buying an additional 300 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Forward Air Corp. during the second quarter valued at about $134,000. Advisor Group Inc. acquired a new position in shares of Forward Air Corp. during the second quarter valued at about $156,000. Finally, PineBridge Investments L.P. boosted its position in shares of 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 period. Hedge funds and other 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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