Forward Air (NASDAQ:FWRD) Raised to “Strong-Buy” at Zacks Research

Forward Air (NASDAQ:FWRD) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

FWRD has been the topic of several other research reports. Susquehanna dropped their target price on shares of Forward Air from $42.00 to $18.00 and set a “positive” rating on the stock in a report on Friday, May 8th. Stifel Nicolaus increased their price target on Forward Air from $19.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Forward Air in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Forward Air Stock Up 15.5%

Shares of NASDAQ FWRD opened at $17.80 on Wednesday. The company has a market capitalization of $562.84 million, a P/E ratio of -2.00 and a beta of 1.36. Forward Air has a 52-week low of $7.86 and a 52-week high of $32.00. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.23 and a current ratio of 1.23. The company’s 50 day moving average price is $13.42 and its 200-day moving average price is $17.97.

Forward Air (NASDAQ:FWRD) last posted its quarterly earnings data on Thursday, May 7th. The transportation company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.74). Forward Air had a negative net margin of 11.37% and a negative return on equity of 10.88%. The firm had revenue of $582.05 million during the quarter, compared to the consensus estimate of $620.23 million. During the same period in the prior year, the company posted ($1.68) earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities analysts forecast that Forward Air will post -1.08 earnings per share for the current year.

Institutional Investors Weigh In On Forward Air

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of Forward Air during the second quarter valued at approximately $987,000. State of Wyoming bought a new position in shares of Forward Air in the 2nd quarter worth $102,000. Allied Private Wealth LLC bought a new position in shares of Forward Air in the 2nd quarter worth $57,000. Cornerstone Wealth LLC TN acquired a new stake in Forward Air in the 1st quarter valued at $319,000. Finally, ADAR1 Capital Management LLC grew its position in Forward Air by 193.8% in the 1st quarter. ADAR1 Capital Management LLC now owns 78,241 shares of the transportation company’s stock valued at $1,307,000 after purchasing an additional 51,606 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.