Forward Air Corp. (FWRD) Sees Strong Trading Volume
Forward Air Corp. (NASDAQ:FWRD) saw unusually-strong trading volume on Wednesday . Approximately 210,130 shares were traded 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 research analysts have recently commented on FWRD shares. Royal Bank Of Canada upgraded shares of Forward Air Corp. from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $52.00 in a report on Tuesday, May 24th. Zacks Investment Research upgraded shares of Forward Air Corp. from a “sell” rating to a “hold” rating in a report on Friday, June 24th. BB&T Corp. downgraded shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, Cowen and Company boosted their target price on shares of Forward Air Corp. from $47.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, July 25th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Forward Air Corp. has a consensus rating of “Buy” and a consensus price target of $50.67.
The stock’s 50 day moving average price is $45.90 and its 200-day moving average price is $44.45. The company has a market capitalization of $1.39 billion and a PE ratio of 33.84.
Forward Air Corp. (NASDAQ:FWRD) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate 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. Analysts anticipate that Forward Air Corp. will post $2.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Thursday, August 18th.
In other Forward Air Corp. news, VP Michael L. Hance sold 18,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $46.05, for a total value of $828,900.00. Following the completion of the sale, the vice president now directly owns 18,646 shares of the company’s stock, valued at approximately $858,648.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Bruce A. Campbell sold 10,000 shares of the company’s stock in a transaction dated Friday, August 5th. The shares were 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 of the company’s stock, valued at $8,936,439. 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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