Zacks Investment Research cut shares of Forward Air (NASDAQ:FWRD) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
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). “
FWRD has been the subject of several other reports. BidaskClub lowered shares of Forward Air from a hold rating to a sell rating in a report on Saturday, January 6th. Robert W. Baird raised shares of Forward Air from a neutral rating to an outperform rating in a report on Thursday, January 18th. Finally, Stephens set a $74.00 target price on shares of Forward Air and gave the company a buy rating in a report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $61.40.
Forward Air (NASDAQ:FWRD) last posted its earnings results on Wednesday, February 7th. The transportation company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.03. The firm had revenue of $306.10 million during the quarter, compared to analyst estimates of $301.47 million. Forward Air had a net margin of 7.93% and a return on equity of 13.91%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS. analysts expect that Forward Air will post 2.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 23rd. Investors of record on Thursday, March 8th were paid a $0.15 dividend. The ex-dividend date was Wednesday, March 7th. This represents a $0.60 dividend on an annualized basis and a yield of 1.13%. Forward Air’s dividend payout ratio is currently 25.42%.
In related news, Director George M. Lynch sold 2,443 shares of Forward Air stock in a transaction on Monday, February 26th. The shares were sold at an average price of $55.47, for a total value of $135,513.21. Following the sale, the director now owns 9,940 shares of the company’s stock, valued at approximately $551,371.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System grew its stake in Forward Air by 1.9% in the 3rd quarter. California Public Employees Retirement System now owns 59,518 shares of the transportation company’s stock valued at $3,406,000 after acquiring an additional 1,118 shares during the period. Meeder Asset Management Inc. grew its stake in Forward Air by 36.3% in the 4th quarter. Meeder Asset Management Inc. now owns 4,613 shares of the transportation company’s stock valued at $265,000 after acquiring an additional 1,228 shares during the period. American International Group Inc. grew its stake in Forward Air by 5.8% in the 3rd quarter. American International Group Inc. now owns 23,811 shares of the transportation company’s stock valued at $1,363,000 after acquiring an additional 1,301 shares during the period. Crossmark Global Holdings Inc. grew its stake in Forward Air by 25.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,696 shares of the transportation company’s stock valued at $385,000 after acquiring an additional 1,343 shares during the period. Finally, Advisor Group Inc. grew its stake in Forward Air by 138.7% in the 4th quarter. Advisor Group Inc. now owns 2,626 shares of the transportation company’s stock valued at $151,000 after acquiring an additional 1,526 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.
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About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-than-truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).
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