Forward Air Corp. (FWRD) Sees Large Volume Increase
Forward Air Corp. (NASDAQ:FWRD) saw strong trading volume on Wednesday . 210,130 shares traded hands during trading, an increase of 75% from the previous session’s volume of 120,349 shares.The stock last traded at $46.50 and had previously closed at $46.35.
A number of equities analysts have recently issued reports on the company. BB&T Corp. downgraded Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Cowen and Company raised their price objective on Forward Air Corp. from $47.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, July 25th. Zacks Investment Research raised Forward Air Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 30th. Finally, Royal Bank Of Canada raised Forward Air Corp. from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $50.00 to $52.00 in a research note on Tuesday, May 24th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $50.67.
The company has a market cap of $1.42 billion and a PE ratio of 34.47. The company’s 50 day moving average price is $45.78 and its 200 day moving average price is $44.42.
Forward Air Corp. (NASDAQ:FWRD) last issued its earnings results on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.01. The business earned $238.60 million during the quarter, compared to the consensus estimate of $247.86 million. On average, equities analysts forecast that Forward Air Corp. will post $2.33 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%.
In other Forward Air Corp. news, insider Rodney L. Bell sold 1,200 shares of Forward Air Corp. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $47.01, for a total value of $56,412.00. Following the completion of the transaction, the insider now directly owns 91,461 shares in the company, valued at $4,299,581.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director George M. Lynch sold 2,739 shares of Forward Air Corp. stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $45.00, for a total value of $123,255.00. Following the completion of the transaction, the director now owns 14,426 shares of the company’s stock, valued at $649,170. The disclosure for this sale can be found here.
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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