ValuEngine upgraded shares of Forward Air (NASDAQ:FWRD) from a hold rating to a buy rating in a report issued on Thursday morning.
Several other research firms also recently commented on FWRD. BidaskClub downgraded Forward Air from a sell rating to a strong sell rating in a report on Wednesday, February 21st. Zacks Investment Research downgraded Forward Air from a buy rating to a hold rating in a report on Tuesday, March 13th. Finally, Stifel Nicolaus upgraded Forward Air from a hold rating to a buy rating and raised their price objective for the stock from $62.00 to $64.00 in a report on Thursday, April 26th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $64.20.
Shares of Forward Air opened at $62.38 on Thursday, according to Marketbeat.com. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.08. Forward Air has a fifty-two week low of $49.88 and a fifty-two week high of $64.80. The company has a market capitalization of $1.86 billion, a PE ratio of 25.45 and a beta of 1.27.
Forward Air (NASDAQ:FWRD) last issued its quarterly earnings results on Wednesday, April 25th. The transportation company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. Forward Air had a return on equity of 14.41% and a net margin of 7.85%. The firm had revenue of $302.60 million for the quarter, compared to the consensus estimate of $291.73 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. equities research analysts anticipate that Forward Air will post 3.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 8th. Shareholders of record on Friday, May 25th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, May 24th. This represents a $0.60 annualized dividend and a yield of 0.96%. Forward Air’s payout ratio is currently 25.42%.
In other Forward Air news, insider Matthew J. Jewell sold 2,328 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $60.00, for a total transaction of $139,680.00. Following the sale, the insider now owns 40,265 shares of the company’s stock, valued at approximately $2,415,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael L. Hance sold 4,669 shares of the stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $60.66, for a total value of $283,221.54. Following the sale, the vice president now directly owns 31,120 shares in the company, valued at approximately $1,887,739.20. The disclosure for this sale can be found here. Insiders have sold a total of 21,198 shares of company stock worth $1,279,195 over the last 90 days. 1.95% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Sei Investments Co. boosted its position in Forward Air by 1,075.0% during the 1st quarter. Sei Investments Co. now owns 2,256 shares of the transportation company’s stock valued at $119,000 after acquiring an additional 2,064 shares in the last quarter. Advisor Group Inc. boosted its position in Forward Air by 138.7% during 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 in the last quarter. Royal Bank of Canada boosted its position in Forward Air by 281.0% during the 1st quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock valued at $159,000 after acquiring an additional 2,209 shares in the last quarter. Bruderman Asset Management LLC bought a new stake in Forward Air during the 1st quarter valued at $166,000. Finally, Sawgrass Asset Management LLC bought a new stake in Forward Air during the 4th quarter valued at $215,000. 95.92% of the stock is currently owned by institutional investors and hedge funds.
Forward Air Company Profile
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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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