Zacks Investment Research Lowers Forward Air (NASDAQ:FWRD) to Sell

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Forward Air (NASDAQ:FWRD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

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). “

Separately, BidaskClub raised shares of Forward Air from a “hold” rating to a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Forward Air presently has an average rating of “Hold” and an average price target of $70.00.

NASDAQ:FWRD traded up $0.23 on Wednesday, hitting $60.60. The company had a trading volume of 87,879 shares, compared to its average volume of 155,768. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 19.42 and a beta of 1.54. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $62.18 and a two-hundred day moving average of $61.48. Forward Air has a 52 week low of $51.54 and a 52 week high of $68.82.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Thursday, July 25th. The transportation company reported $0.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.04). The company had revenue of $345.76 million during the quarter, compared to the consensus estimate of $348.07 million. Forward Air had a net margin of 6.70% and a return on equity of 17.18%. Forward Air’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 EPS. As a group, equities analysts forecast that Forward Air will post 3.2 EPS for the current year.

In related news, insider Glenn A. Adelaar sold 4,917 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $61.05, for a total value of $300,182.85. Following the completion of the transaction, the insider now owns 41,177 shares of the company’s stock, valued at approximately $2,513,855.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.04% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of FWRD. Nuveen Asset Management LLC bought a new position in Forward Air in the 2nd quarter valued at approximately $22,041,000. Clearbridge Investments LLC increased its position in Forward Air by 42.6% in the 1st quarter. Clearbridge Investments LLC now owns 720,663 shares of the transportation company’s stock valued at $46,649,000 after acquiring an additional 215,206 shares during the period. Balyasny Asset Management LLC increased its position in Forward Air by 491.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 141,655 shares of the transportation company’s stock valued at $8,379,000 after acquiring an additional 117,720 shares during the period. Morgan Stanley increased its position in Forward Air by 304.4% in the 2nd quarter. Morgan Stanley now owns 139,873 shares of the transportation company’s stock valued at $8,273,000 after acquiring an additional 105,284 shares during the period. Finally, Scout Investments Inc. acquired a new position in Forward Air in the 3rd quarter valued at approximately $5,990,000. 94.70% of the stock is owned by institutional investors and hedge funds.

Forward Air Company Profile

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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