Forward Air (FWRD) Raised to “Buy” at ValuEngine
ValuEngine upgraded shares of Forward Air (NASDAQ:FWRD) from a hold rating to a buy rating in a report issued on Tuesday morning.
Several other equities analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Forward Air from a sell rating to a hold rating in a research note on Friday, April 27th. Stifel Nicolaus raised shares of Forward Air from a hold rating to a buy rating and upped their price target for the stock from $62.00 to $64.00 in a research report on Thursday, April 26th. Finally, BidaskClub raised shares of Forward Air from a sell rating to a hold rating in a research report on Friday, May 18th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $63.80.
Shares of Forward Air traded down $0.54, hitting $62.81, on Tuesday, according to MarketBeat. The company’s stock had a trading volume of 78,852 shares, compared to its average volume of 154,859. Forward Air has a 12-month low of $49.88 and a 12-month high of $64.99. The company has a market capitalization of $1.84 billion, a PE ratio of 26.61 and a beta of 1.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.78 and a quick ratio of 2.78.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Thursday, August 23rd will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Wednesday, August 22nd. Forward Air’s payout ratio is currently 25.42%.
In other news, VP Glenn A. Adelaar sold 14,397 shares of the stock in a transaction on Monday, July 30th. The shares were sold at an average price of $62.26, for a total value of $896,357.22. Following the completion of the sale, the vice president now owns 41,852 shares of the company’s stock, valued at $2,605,705.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris C. Ruble sold 7,969 shares of the stock in a transaction on Wednesday, June 6th. The stock was sold at an average price of $60.50, for a total transaction of $482,124.50. Following the completion of the sale, the insider now directly owns 24,756 shares of the company’s stock, valued at approximately $1,497,738. The disclosure for this sale can be found here. Insiders sold 37,595 shares of company stock valued at $2,300,553 in the last three months. Company insiders own 1.95% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in Forward Air by 22.7% during the 4th quarter. Millennium Management LLC now owns 173,348 shares of the transportation company’s stock valued at $9,957,000 after purchasing an additional 32,092 shares in the last quarter. Advisor Group Inc. grew its holdings in Forward Air by 138.7% during the 4th quarter. Advisor Group Inc. now owns 2,626 shares of the transportation company’s stock valued at $151,000 after purchasing an additional 1,526 shares in the last quarter. Guggenheim Capital LLC grew its holdings in Forward Air by 195.3% during the 4th quarter. Guggenheim Capital LLC now owns 26,263 shares of the transportation company’s stock valued at $1,509,000 after purchasing an additional 17,369 shares in the last quarter. Swiss National Bank grew its holdings in Forward Air by 2.1% during the 1st quarter. Swiss National Bank now owns 52,700 shares of the transportation company’s stock valued at $2,786,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Forward Air by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 247,272 shares of the transportation company’s stock valued at $13,070,000 after purchasing an additional 4,751 shares in the last quarter. 96.01% of the stock is owned by institutional investors.
About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-than-truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).
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