Forward Air (NASDAQ:FWRD) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
Several other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a research report on Friday, April 27th. Stifel Nicolaus upgraded shares of Forward Air from a “hold” rating to a “buy” rating and increased their target price for the stock from $62.00 to $64.00 in a research report on Thursday, April 26th. Finally, ValuEngine upgraded shares of Forward Air from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $64.20.
Forward Air opened at $58.83 on Wednesday, according to Marketbeat.com. The stock has a market cap of $1.75 billion, a P/E ratio of 24.93 and a beta of 1.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.56 and a quick ratio of 2.56. Forward Air has a fifty-two week low of $49.88 and a fifty-two week high of $64.80.
In other Forward Air news, insider Matthew J. Jewell sold 2,328 shares of the stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $60.00, for a total transaction of $139,680.00. Following the completion of the transaction, the insider now owns 40,265 shares in the company, valued at $2,415,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael L. Hance sold 4,669 shares of the stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $60.66, for a total transaction of $283,221.54. Following the transaction, the vice president now owns 31,120 shares of the company’s stock, valued at approximately $1,887,739.20. The disclosure for this sale can be found here. Insiders have sold 21,198 shares of company stock valued at $1,279,195 in the last quarter. Company insiders own 1.95% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Sei Investments Co. lifted its holdings in shares of Forward Air by 1,075.0% in the first quarter. Sei Investments Co. now owns 2,256 shares of the transportation company’s stock worth $119,000 after buying an additional 2,064 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of Forward Air by 138.7% in the fourth quarter. Advisor Group Inc. now owns 2,626 shares of the transportation company’s stock worth $151,000 after buying an additional 1,526 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Forward Air by 281.0% in the first quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock worth $159,000 after buying an additional 2,209 shares in the last quarter. Bruderman Asset Management LLC purchased a new stake in shares of Forward Air in the first quarter worth about $166,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Forward Air in the fourth quarter worth about $238,000. 95.94% of the stock is currently owned by hedge funds and other 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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