Forward Air Corporation (FWRD) Downgraded by Wolfe Research to “Market Perform”

Wolfe Research downgraded shares of Forward Air Corporation (NASDAQ:FWRD) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday, August 1st.

A number of other brokerages have also weighed in on FWRD. BidaskClub lowered shares of Forward Air Corporation from a sell rating to a strong sell rating in a report on Tuesday, August 1st. Stifel Nicolaus boosted their price objective on shares of Forward Air Corporation from $46.00 to $47.00 and gave the stock a hold rating in a report on Friday, April 28th. Finally, Zacks Investment Research lowered shares of Forward Air Corporation from a buy rating to a hold rating in a report on Monday, May 29th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $51.25.

Forward Air Corporation (FWRD) opened at 50.98 on Tuesday. The firm’s 50-day moving average is $52.48 and its 200 day moving average is $50.55. Forward Air Corporation has a 52-week low of $40.07 and a 52-week high of $56.52. The firm has a market capitalization of $1.54 billion, a P/E ratio of 26.66 and a beta of 1.06.

Forward Air Corporation (NASDAQ:FWRD) last announced its earnings results on Wednesday, July 26th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.06. Forward Air Corporation had a net margin of 5.68% and a return on equity of 13.31%. The business had revenue of $267.50 million during the quarter, compared to analyst estimates of $256.98 million. During the same period in the previous year, the business posted $0.57 earnings per share. Forward Air Corporation’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts anticipate that Forward Air Corporation will post $2.35 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Wednesday, August 23rd. Forward Air Corporation’s payout ratio is currently 31.25%.

In other Forward Air Corporation news, Chairman Bruce A. Campbell sold 20,529 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $51.64, for a total transaction of $1,060,117.56. Following the transaction, the chairman now owns 203,235 shares in the company, valued at approximately $10,495,055.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michael P. Mclean sold 15,718 shares of the company’s 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 transaction, the chief accounting officer now owns 20,559 shares in the company, valued at approximately $1,049,536.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,831 shares of company stock worth $2,836,938. Company insiders own 2.40% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its stake in Forward Air Corporation by 61.2% in the fourth quarter. Guggenheim Capital LLC now owns 10,368 shares of the transportation company’s stock valued at $491,000 after buying an additional 3,938 shares in the last quarter. Norges Bank purchased a new stake in Forward Air Corporation during the fourth quarter valued at about $12,003,000. Teachers Advisors LLC raised its stake in shares of Forward Air Corporation by 2.4% in the fourth quarter. Teachers Advisors LLC now owns 48,418 shares of the transportation company’s stock worth $2,294,000 after buying an additional 1,149 shares during the period. Confluence Investment Management LLC raised its stake in shares of Forward Air Corporation by 25.5% in the first quarter. Confluence Investment Management LLC now owns 68,729 shares of the transportation company’s stock worth $3,269,000 after buying an additional 13,978 shares during the period. Finally, First National Bank of Omaha raised its stake in shares of Forward Air Corporation by 31.0% in the first quarter. First National Bank of Omaha now owns 31,024 shares of the transportation company’s stock worth $1,476,000 after buying an additional 7,345 shares during the period. 98.36% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Forward Air Corporation (NASDAQ:FWRD)

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