Forward Air Corp. (FWRD) Price Target Lowered to $48.00 at Cowen and Company
Forward Air Corp. (NASDAQ:FWRD) had its price target decreased by Cowen and Company from $50.00 to $48.00 in a research report released on Tuesday. Cowen and Company currently has a market perform rating on the stock.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research raised Forward Air Corp. from a sell rating to a hold rating in a research note on Tuesday, July 26th. BB&T Corp. lowered Forward Air Corp. from a buy rating to a hold rating in a report on Tuesday, July 12th. Finally, Royal Bank Of Canada upgraded Forward Air Corp. from a sector perform rating to an outperform rating and boosted their price target for the company from $50.00 to $52.00 in a report on Tuesday, May 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $50.00.
Forward Air Corp. (NASDAQ:FWRD) opened at 43.69 on Tuesday. Forward Air Corp. has a 52-week low of $36.00 and a 52-week high of $50.47. The company’s 50-day moving average price is $46.01 and its 200-day moving average price is $45.18. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 32.15 and a beta of 1.29.
Forward Air Corp. (NASDAQ:FWRD) last released its earnings results on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. Equities research analysts expect that Forward Air Corp. will post $2.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were issued a $0.12 dividend. The ex-dividend date was Thursday, August 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.10%. Forward Air Corp.’s payout ratio is 35.56%.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the company’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total transaction of $679,981.79. Following the completion of the sale, the chief accounting officer now owns 32,228 shares in the company, valued at $1,482,810.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael L. Hance sold 18,000 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $46.05, for a total value of $828,900.00. Following the sale, the vice president now owns 18,646 shares of the company’s stock, valued at approximately $858,648.30. The disclosure for this sale can be found here. Company insiders own 3.35% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Forward Air Corp. by 3,259.1% in the first quarter. Wellington Management Group LLP now owns 805,994 shares of the company’s stock worth $36,527,000 after buying an additional 782,000 shares in the last quarter. Mesirow Financial Investment Management Equity Management bought a new stake in Forward Air Corp. during the second quarter worth $22,845,000. Norges Bank bought a new stake in Forward Air Corp. during the fourth quarter worth $13,016,000. FMR LLC raised its stake in Forward Air Corp. by 1,489.3% in the second quarter. FMR LLC now owns 208,200 shares of the company’s stock worth $9,271,000 after buying an additional 195,100 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Forward Air Corp. by 27.0% in the second quarter. Victory Capital Management Inc. now owns 772,852 shares of the company’s stock worth $34,415,000 after buying an additional 164,392 shares in the last quarter. Institutional investors own 98.42% of the company’s stock.
About Forward Air Corp.
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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