Forward Air (FWRD) Rating Lowered to Hold at BidaskClub

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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.

Forward Air (NASDAQ:FWRD) last posted its quarterly earnings results on Wednesday, April 25th. The transportation company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company had revenue of $302.60 million during the quarter, compared to analyst estimates of $291.73 million. Forward Air had a net margin of 7.85% and a return on equity of 14.41%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 earnings per share. analysts predict that Forward Air will post 3.02 earnings per share for the current year.

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).

Analyst Recommendations for Forward Air (NASDAQ:FWRD)

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