Forward Air (FWRD) Lowered to “Hold” at BidaskClub

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Forward Air (NASDAQ:FWRD) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Thursday.

A number of other brokerages have also recently commented on FWRD. ValuEngine raised shares of Forward Air from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Tuesday, June 19th. Stifel Nicolaus upped their price target on shares of Forward Air from $64.00 to $68.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. Finally, Stephens set a $70.00 price target on shares of Forward Air and gave the company a “buy” rating in a research report on Friday, July 27th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $63.80.

NASDAQ FWRD opened at $64.00 on Thursday. The firm has a market capitalization of $1.88 billion, a P/E ratio of 27.12 and a beta of 1.39. Forward Air has a twelve month low of $49.88 and a twelve month high of $65.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.78 and a quick ratio of 2.78.

Forward Air (NASDAQ:FWRD) last posted its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. The business had revenue of $330.30 million during the quarter, compared to the consensus estimate of $314.08 million. Forward Air had a return on equity of 15.16% and a net margin of 7.84%. Forward Air’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 earnings per share. sell-side analysts anticipate that Forward Air will post 3.13 EPS for the current fiscal year.

In other news, Chairman Bruce A. Campbell sold 8,790 shares of the stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $64.53, for a total transaction of $567,218.70. Following the transaction, the chairman now owns 138,442 shares of the company’s stock, valued at approximately $8,933,662.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bruce A. Campbell sold 8,523 shares of the stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $64.51, for a total transaction of $549,818.73. Following the transaction, the chairman now directly owns 138,175 shares in the company, valued at approximately $8,913,669.25. The disclosure for this sale can be found here. Insiders have sold 54,428 shares of company stock worth $3,412,781 in the last ninety days. Insiders own 1.95% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its position in shares of Forward Air by 58.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 81,703 shares of the transportation company’s stock worth $4,827,000 after purchasing an additional 30,027 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of Forward Air during the 2nd quarter worth about $8,233,000. California Public Employees Retirement System boosted its position in shares of Forward Air by 4.0% during the 2nd quarter. California Public Employees Retirement System now owns 62,429 shares of the transportation company’s stock worth $3,688,000 after purchasing an additional 2,416 shares in the last quarter. Scopus Asset Management L.P. bought a new position in shares of Forward Air during the 2nd quarter worth about $8,510,000. Finally, Vident Investment Advisory LLC bought a new position in shares of Forward Air during the 2nd quarter worth about $357,000. 94.98% of the stock is currently owned by institutional investors.

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).

Further Reading: Earnings Per Share

Analyst Recommendations for Forward Air (NASDAQ:FWRD)

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