Seaport Global Securities Weighs in on Forward Air Co.’s Q1 2018 Earnings (FWRD)
Forward Air Co. (NASDAQ:FWRD) – Equities research analysts at Seaport Global Securities upped their Q1 2018 earnings estimates for shares of Forward Air in a research note issued to investors on Thursday. Seaport Global Securities analyst K. Sterling now forecasts that the transportation company will earn $0.57 per share for the quarter, up from their previous forecast of $0.47. Seaport Global Securities also issued estimates for Forward Air’s Q2 2018 earnings at $0.75 EPS, Q3 2018 earnings at $0.75 EPS, Q4 2018 earnings at $0.82 EPS, FY2018 earnings at $2.89 EPS and FY2019 earnings at $3.27 EPS.
Other equities analysts also recently issued research reports about the stock. Stephens reaffirmed a “buy” rating and set a $80.00 price target on shares of Forward Air in a report on Wednesday, January 10th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Tuesday, January 9th. Stifel Nicolaus boosted their target price on shares of Forward Air from $47.00 to $52.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. BidaskClub raised shares of Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Finally, Cowen reissued a “market perform” rating and issued a $54.00 target price (up previously from $51.00) on shares of Forward Air in a report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $61.40.
Forward Air (NASDAQ:FWRD) last issued its quarterly earnings results on Wednesday, February 7th. The transportation company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.03. Forward Air had a net margin of 7.93% and a return on equity of 13.91%. The business had revenue of $306.10 million for the quarter, compared to the consensus estimate of $301.47 million. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The company’s revenue for the quarter was up 15.6% on a year-over-year basis.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Forward Air by 0.6% in the second quarter. Vanguard Group Inc. now owns 2,694,979 shares of the transportation company’s stock worth $143,589,000 after purchasing an additional 16,137 shares during the last quarter. Victory Capital Management Inc. increased its position in Forward Air by 12.5% in the third quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after purchasing an additional 139,363 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Forward Air by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,214,199 shares of the transportation company’s stock worth $69,488,000 after purchasing an additional 3,378 shares during the last quarter. State Street Corp increased its position in Forward Air by 1.4% in the second quarter. State Street Corp now owns 785,118 shares of the transportation company’s stock worth $41,835,000 after purchasing an additional 10,471 shares during the last quarter. Finally, Northern Trust Corp increased its position in Forward Air by 4.6% in the second quarter. Northern Trust Corp now owns 467,009 shares of the transportation company’s stock worth $24,882,000 after purchasing an additional 20,421 shares during the last quarter. Institutional investors own 95.21% of the company’s stock.
In other news, Chairman Bruce A. Campbell sold 34,281 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $55.01, for a total value of $1,885,797.81. Following the transaction, the chairman now owns 155,831 shares of the company’s stock, valued at $8,572,263.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Chris C. Ruble sold 23,020 shares of the business’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $57.75, for a total transaction of $1,329,405.00. Following the completion of the transaction, the insider now directly owns 28,279 shares in the company, valued at approximately $1,633,112.25. The disclosure for this sale can be found here. Insiders sold 91,909 shares of company stock worth $5,157,356 in the last three months. Insiders own 2.40% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Thursday, March 8th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Wednesday, March 7th. Forward Air’s dividend payout ratio (DPR) is presently 20.76%.
About Forward Air
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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