Forward Air (FWRD) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Forward Air (NASDAQ:FWRD) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $67.00 target price on the transportation company’s stock.
According to Zacks, “Forward Air Corporation is a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market. Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Brokerage (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). “
Several other research analysts have also weighed in on FWRD. KeyCorp reaffirmed a hold rating on shares of Forward Air in a research note on Friday, September 22nd. Robert W. Baird reaffirmed a hold rating and set a $60.00 target price on shares of Forward Air in a research note on Friday, October 6th. Stifel Nicolaus increased their target price on shares of Forward Air from $47.00 to $52.00 and gave the stock a hold rating in a research note on Thursday, October 26th. Cowen reaffirmed a market perform rating and set a $54.00 target price (up previously from $51.00) on shares of Forward Air in a research note on Monday, October 30th. Finally, BidaskClub raised shares of Forward Air from a sell rating to a hold rating in a research note on Saturday, December 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $62.60.
Forward Air (NASDAQ FWRD) traded down $0.74 during trading on Tuesday, reaching $59.46. 160,300 shares of the company traded hands, compared to its average volume of 186,967. Forward Air has a 52-week low of $45.86 and a 52-week high of $60.68. The firm has a market capitalization of $1,730.36, a PE ratio of 27.92 and a beta of 1.18. The company has a current ratio of 2.71, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08.
Forward Air (NASDAQ:FWRD) last released its quarterly earnings data on Wednesday, October 25th. The transportation company reported $0.58 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.58. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. The firm had revenue of $280.20 million during the quarter, compared to analysts’ expectations of $278.75 million. During the same period last year, the business earned $0.51 earnings per share. Forward Air’s revenue was up 12.3% compared to the same quarter last year. research analysts anticipate that Forward Air will post 2.33 earnings per share for the current fiscal year.
In related news, Director George M. Lynch sold 1,640 shares of Forward Air stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $57.00, for a total value of $93,480.00. Following the completion of the transaction, the director now owns 12,383 shares in the company, valued at $705,831. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chris C. Ruble sold 23,020 shares of Forward Air stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $57.75, for a total transaction of $1,329,405.00. Following the completion of the transaction, the insider now owns 28,279 shares of the company’s stock, valued at approximately $1,633,112.25. The disclosure for this sale can be found here. In the last three months, insiders sold 93,549 shares of company stock valued at $5,250,836. Insiders own 2.40% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC raised its holdings in Forward Air by 72.5% during the second quarter. Riverhead Capital Management LLC now owns 1,897 shares of the transportation company’s stock worth $101,000 after purchasing an additional 797 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Forward Air during the second quarter worth approximately $117,000. Ameritas Investment Partners Inc. raised its holdings in Forward Air by 10.3% during the second quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock worth $140,000 after purchasing an additional 246 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Forward Air during the second quarter worth approximately $158,000. Finally, Meeder Asset Management Inc. raised its holdings in Forward Air by 1,496.7% during the third quarter. Meeder Asset Management Inc. now owns 3,385 shares of the transportation company’s stock worth $194,000 after purchasing an additional 3,173 shares in the last quarter. Institutional investors own 95.70% of the company’s stock.
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About Forward Air
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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