Forward Air Corporation (FWRD) Stock Rating Reaffirmed by KeyCorp
Forward Air Corporation (NASDAQ:FWRD)‘s stock had its “hold” rating restated by investment analysts at KeyCorp in a research note issued to investors on Friday.
A number of other equities analysts have also recently issued reports on FWRD. Zacks Investment Research cut Forward Air Corporation from a “buy” rating to a “hold” rating in a report on Monday, May 29th. BidaskClub upgraded Forward Air Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Wolfe Research cut Forward Air Corporation from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Finally, Cowen and Company reiterated a “hold” rating and set a $51.00 target price on shares of Forward Air Corporation in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.25.
Shares of Forward Air Corporation (NASDAQ FWRD) opened at 54.75 on Friday. The firm has a 50 day moving average price of $51.80 and a 200-day moving average price of $51.05. Forward Air Corporation has a 12 month low of $40.07 and a 12 month high of $56.52. The firm has a market cap of $1.66 billion, a PE ratio of 28.63 and a beta of 1.07.
Forward Air Corporation (NASDAQ:FWRD) last released its earnings results on Wednesday, July 26th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.06. The firm had revenue of $267.50 million during the quarter, compared to analysts’ expectations of $256.98 million. Forward Air Corporation had a return on equity of 13.31% and a net margin of 5.68%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. On average, analysts predict that Forward Air Corporation will post $2.35 EPS for the current fiscal year.
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In other news, CAO Michael P. Mclean sold 15,718 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.05, for a total transaction of $802,403.90. Following the completion of the transaction, the chief accounting officer now directly owns 20,559 shares in the company, valued at approximately $1,049,536.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Michael P. Mclean sold 2,495 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $52.00, for a total transaction of $129,740.00. Following the transaction, the chief accounting officer now owns 20,880 shares of the company’s stock, valued at $1,085,760. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of FWRD. Riverhead Capital Management LLC boosted its stake in shares of Forward Air Corporation by 72.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,897 shares of the transportation company’s stock worth $101,000 after buying an additional 797 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Forward Air Corporation during the 1st quarter worth about $114,000. Huntington National Bank boosted its stake in shares of Forward Air Corporation by 8.1% during the 2nd quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock worth $117,000 after buying an additional 165 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Forward Air Corporation during the 2nd quarter worth about $117,000. Finally, US Bancorp DE boosted its stake in shares of Forward Air Corporation by 22.6% during the 2nd quarter. US Bancorp DE now owns 2,411 shares of the transportation company’s stock worth $129,000 after buying an additional 445 shares during the last quarter. Institutional investors own 96.18% of the company’s stock.
About Forward Air Corporation
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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