Q3 2016 EPS Estimates for Forward Air Corp. (FWRD) Reduced by Analyst
Forward Air Corp. (NASDAQ:FWRD) – Equities researchers at William Blair cut their Q3 2016 EPS estimates for Forward Air Corp. in a research report issued on Tuesday. William Blair analyst N. Brochmann now anticipates that the brokerage will post earnings per share of $0.51 for the quarter, down from their previous forecast of $0.62. William Blair also issued estimates for Forward Air Corp.’s Q4 2016 earnings at $0.64 EPS and FY2017 earnings at $2.52 EPS.
Forward Air Corp. (NASDAQ:FWRD) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. The firm had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $247.86 million.
A number of other research analysts have also recently issued reports on FWRD. Zacks Investment Research raised Forward Air Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 30th. BB&T Corp. cut Forward Air Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, Cowen and Company lifted their price objective on Forward Air Corp. from $47.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, July 25th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $50.00.
Shares of Forward Air Corp. (NASDAQ:FWRD) opened at 42.99 on Wednesday. The firm’s 50-day moving average is $45.84 and its 200-day moving average is $45.15. Forward Air Corp. has a 1-year low of $36.00 and a 1-year high of $50.47. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 31.63 and a beta of 1.29.
Several hedge funds have recently made changes to their positions in FWRD. Vanguard Group Inc. raised its stake in shares of Forward Air Corp. by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,422,040 shares of the company’s stock worth $107,853,000 after buying an additional 45,427 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Forward Air Corp. by 0.9% in the second quarter. BlackRock Fund Advisors now owns 1,926,422 shares of the company’s stock worth $85,784,000 after buying an additional 18,047 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Forward Air Corp. by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,112,748 shares of the company’s stock worth $49,550,000 after buying an additional 53,166 shares during the last quarter. RidgeWorth Capital Management LLC raised its stake in shares of Forward Air Corp. by 2.0% in the second quarter. RidgeWorth Capital Management LLC now owns 1,073,400 shares of the company’s stock worth $48,292,000 after buying an additional 20,910 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of 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 during the last quarter. Institutional investors own 98.42% of the company’s stock.
In other news, insider Rodney L. Bell sold 10,509 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $46.74, for a total value of $491,190.66. Following the completion of the sale, the insider now directly owns 118,627 shares in the company, valued at $5,544,625.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Bruce A. Campbell sold 80,000 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $46.50, for a total value of $3,720,000.00. Following the completion of the sale, the chairman now owns 260,137 shares of the company’s stock, valued at $12,096,370.50. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were paid 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 1.12%. Forward Air Corp.’s dividend payout ratio (DPR) is presently 35.56%.
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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