Forward Air Corp. (FWRD) Releases Q3 Earnings Guidance
Forward Air Corp. (NASDAQ:FWRD) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.48-0.52 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.63. The company issued revenue guidance of +/-2% YoY to ~$242-252 million, compared to the consensus revenue estimate of $252.16 million.
A number of research analysts have commented on the stock. BB&T Corp. downgraded shares of Forward Air Corp. from a buy rating to a hold rating in a research report on Tuesday, July 12th. Cowen and Company lifted their price objective on shares of Forward Air Corp. from $47.00 to $50.00 and gave the stock an outperform rating in a research report on Monday, July 25th. Finally, Zacks Investment Research raised shares of Forward Air Corp. from a sell rating to a hold rating in a research report on Monday, May 30th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Forward Air Corp. presently has a consensus rating of Buy and an average target price of $50.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) opened at 43.00 on Thursday. The firm has a market capitalization of $1.30 billion, a PE ratio of 31.64 and a beta of 1.29. Forward Air Corp. has a 1-year low of $36.00 and a 1-year high of $50.47. The company has a 50-day moving average of $45.93 and a 200-day moving average of $45.17.
Forward Air Corp. (NASDAQ:FWRD) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. Equities research analysts predict that Forward Air Corp. will post $2.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.12%. The ex-dividend date was Thursday, August 18th. Forward Air Corp.’s dividend payout ratio (DPR) is presently 35.56%.
In other news, insider Rodney L. Bell sold 10,509 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $46.74, for a total value of $491,190.66. Following the sale, the insider now owns 118,627 shares of the company’s stock, valued at approximately $5,544,625.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Bruce A. Campbell sold 10,000 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $47.00, for a total transaction of $470,000.00. Following the completion of the sale, the chairman now directly owns 190,137 shares in the company, valued at approximately $8,936,439. The disclosure for this sale can be found here. 3.35% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Arizona State Retirement System raised its stake in Forward Air Corp. by 1.3% in the second quarter. Arizona State Retirement System now owns 15,773 shares of the company’s stock valued at $702,000 after buying an additional 200 shares during the last quarter. BlackRock Inc. raised its stake in Forward Air Corp. by 13.7% in the second quarter. BlackRock Inc. now owns 2,482 shares of the company’s stock valued at $111,000 after buying an additional 300 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Forward Air Corp. by 5.1% in the second quarter. Thrivent Financial for Lutherans now owns 14,750 shares of the company’s stock valued at $657,000 after buying an additional 720 shares during the last quarter. Rhumbline Advisers raised its stake in Forward Air Corp. by 1.2% in the second quarter. Rhumbline Advisers now owns 59,530 shares of the company’s stock valued at $2,651,000 after buying an additional 732 shares during the last quarter. Finally, Teachers Advisors Inc. raised its stake in Forward Air Corp. by 1.8% in the second quarter. Teachers Advisors Inc. now owns 47,909 shares of the company’s stock valued at $2,133,000 after buying an additional 867 shares during the last quarter. 98.42% of the stock is currently owned by institutional investors and hedge funds.
Forward Air Corp. Company Profile
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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