Forward Air Corp. (FWRD) Updates Q3 Earnings Guidance
Forward Air Corp. (NASDAQ:FWRD) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.48-0.52 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.63. The company issued revenue guidance of +/-2% YoY to ~$242-252 million, compared to the consensus revenue estimate of $252.16 million.
Several equities research analysts have issued reports on the company. Zacks Investment Research raised Forward Air Corp. from a sell rating to a hold rating in a research note on Tuesday, July 26th. Cowen and Company lifted their price target on Forward Air Corp. from $47.00 to $50.00 and gave the stock an outperform rating in a research note on Monday, July 25th. BB&T Corp. lowered Forward Air Corp. from a buy rating to a hold rating in a research note on Tuesday, July 12th. Finally, Royal Bank Of Canada raised Forward Air Corp. from a sector perform rating to an outperform rating and lifted their price target for the stock from $50.00 to $52.00 in a research note on Tuesday, May 24th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 43.69 on Wednesday. The stock has a 50 day moving average price of $46.01 and a 200 day moving average price of $45.18. The stock has a market cap of $1.32 billion, a P/E ratio of 32.15 and a beta of 1.29. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47.
Forward Air Corp. (NASDAQ:FWRD) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by $0.01. The company earned $238.60 million during the quarter, compared to analysts’ expectations of $247.86 million. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. On average, analysts forecast that Forward Air Corp. will post $2.33 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders 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 1.10%. Forward Air Corp.’s dividend payout ratio (DPR) is 35.56%.
In other news, insider Rodney L. Bell sold 10,509 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $46.74, for a total value of $491,190.66. Following the completion of the sale, the insider now directly owns 118,627 shares in the company, valued at approximately $5,544,625.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Bruce A. Campbell sold 80,000 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $46.50, for a total value of $3,720,000.00. Following the completion of the sale, the chairman now owns 260,137 shares of the company’s stock, valued at $12,096,370.50. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in 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. Advisor Group Inc. bought a new stake in Forward Air Corp. during the second quarter valued at approximately $156,000. Pacad Investment Ltd. bought a new stake in Forward Air Corp. during the second quarter valued at approximately $209,000. Jefferies Group LLC bought a new stake in Forward Air Corp. during the second quarter valued at approximately $262,000. Finally, Paloma Partners Management Co bought a new stake in Forward Air Corp. during the second quarter valued at approximately $323,000. 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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