Shares of Forward Air Corp. (NASDAQ:FWRD) fell 4.5% on Tuesday after Cowen and Company lowered their price target on the stock from $50.00 to $48.00. Cowen and Company currently has a market perform rating on the stock. Forward Air Corp. traded as low as $42.17 and last traded at $43.50, with a volume of 120,142 shares. The stock had previously closed at $45.56.

A number of other brokerages have also recently weighed in on FWRD. Zacks Investment Research upgraded shares of Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. BB&T Corp. cut shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, Royal Bank Of Canada upgraded shares of Forward Air Corp. from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $50.00 to $52.00 in a research note on Tuesday, May 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $50.00.

In other news, CAO Michael P. Mclean sold 5,493 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $45.75, for a total value of $251,304.75. Following the completion of the transaction, the chief accounting officer now owns 22,942 shares in the company, valued at approximately $1,049,596.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Rodney L. Bell sold 1,200 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $47.01, for a total transaction of $56,412.00. Following the completion of the transaction, the insider now owns 91,461 shares of the company’s stock, valued at approximately $4,299,581.61. The disclosure for this sale can be found here. Corporate insiders own 3.35% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Capstone Asset Management Co. boosted its position in shares of Forward Air Corp. by 1.0% in the second quarter. Capstone Asset Management Co. now owns 9,188 shares of the company’s stock worth $409,000 after buying an additional 90 shares in the last quarter. Northwest Investment Counselors LLC boosted its position in shares of Forward Air Corp. by 0.9% in the second quarter. Northwest Investment Counselors LLC now owns 13,406 shares of the company’s stock worth $597,000 after buying an additional 114 shares in the last quarter. 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 worth $172,000 after buying an additional 129 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Forward Air Corp. by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 56,590 shares of the company’s stock worth $2,520,000 after buying an additional 173 shares in the last quarter. Finally, OLD National Bancorp IN boosted its position in shares of Forward Air Corp. by 2.5% in the first quarter. OLD National Bancorp IN now owns 7,644 shares of the company’s stock worth $346,000 after buying an additional 186 shares in the last quarter. Institutional investors own 98.42% of the company’s stock.

The firm has a market capitalization of $1.30 billion, a P/E ratio of 31.64 and a beta of 1.29. The stock’s 50-day moving average price is $45.93 and its 200 day moving average price is $45.17.

Forward Air Corp. (NASDAQ:FWRD) last released its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by $0.01. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. The firm earned $238.60 million during the quarter, compared to the consensus estimate of $247.86 million. On average, equities analysts forecast that Forward Air Corp. will post $2.24 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.48 annualized dividend and a dividend yield of 1.12%. Forward Air Corp.’s dividend payout ratio is presently 35.56%.

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.

5 Day Chart for NASDAQ:FWRD

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