Forward Air (FWRD) Upgraded at Zacks Investment Research

Forward Air (NASDAQ:FWRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, January 9th. The firm presently has a $67.00 target price on the transportation company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.87% from the stock’s previous close.

According to Zacks, “Forward Air Corporation is a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market. Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Brokerage (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). “

A number of other equities research analysts have also weighed in on FWRD. Robert W. Baird reaffirmed a “hold” rating and set a $60.00 price target on shares of Forward Air in a report on Friday, October 6th. BidaskClub raised shares of Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Stifel Nicolaus raised their price objective 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. KeyCorp reissued a “hold” rating on shares of Forward Air in a report on Friday, September 22nd. Finally, Cowen reissued a “market perform” rating and set a $54.00 price objective (up from $51.00) on shares of Forward Air in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $62.60.

Forward Air (NASDAQ:FWRD) traded down $0.63 on Tuesday, reaching $59.89. 182,300 shares of the company were exchanged, compared to its average volume of 234,030. The firm has a market cap of $1,801.82, a price-to-earnings ratio of 28.12 and a beta of 1.18. Forward Air has a 1-year low of $45.86 and a 1-year high of $60.93. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.71.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.58. The business had revenue of $280.20 million during the quarter, compared to analyst estimates of $278.75 million. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period last year, the business earned $0.51 EPS. analysts forecast that Forward Air will post 2.34 earnings per share for the current year.

In other news, Chairman Bruce A. Campbell sold 34,281 shares of Forward Air stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 155,831 shares of the company’s stock, valued at approximately $8,572,263.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Bruce A. Campbell sold 500 shares of Forward Air stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $55.45, for a total transaction of $27,725.00. Following the completion of the transaction, the chief executive officer now directly owns 153,454 shares of the company’s stock, valued at $8,509,024.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,549 shares of company stock valued at $5,250,836. 2.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dalton Greiner Hartman Maher & Co. boosted its holdings in shares of Forward Air by 4.3% in the 4th quarter. Dalton Greiner Hartman Maher & Co. now owns 319,830 shares of the transportation company’s stock valued at $18,371,000 after buying an additional 13,183 shares during the period. Confluence Investment Management LLC boosted its holdings in shares of Forward Air by 3.0% in the 4th quarter. Confluence Investment Management LLC now owns 79,894 shares of the transportation company’s stock valued at $4,589,000 after buying an additional 2,352 shares during the period. Atlantic Trust Group LLC acquired a new position in shares of Forward Air in the 3rd quarter valued at about $1,388,000. GSA Capital Partners LLP boosted its holdings in shares of Forward Air by 78.0% in the 3rd quarter. GSA Capital Partners LLP now owns 9,373 shares of the transportation company’s stock valued at $536,000 after buying an additional 4,106 shares during the period. Finally, Algert Global LLC boosted its holdings in shares of Forward Air by 19.2% in the 3rd quarter. Algert Global LLC now owns 54,656 shares of the transportation company’s stock valued at $3,128,000 after buying an additional 8,807 shares during the period. 95.71% of the stock is owned by institutional investors and hedge funds.

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Forward Air Company Profile

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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