Forward Air (FWRD) Lowered to Buy at BidaskClub

Forward Air (NASDAQ:FWRD) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Forward Air from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a report on Tuesday, June 12th. ValuEngine upgraded Forward Air from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Deutsche Bank set a $73.00 target price on Forward Air and gave the stock a “buy” rating in a report on Thursday, September 27th. Stephens set a $70.00 target price on Forward Air and gave the stock a “buy” rating in a report on Friday, July 27th. Finally, Stifel Nicolaus upped their target price on Forward Air from $64.00 to $68.00 and gave the stock a “hold” rating in a report on Thursday, July 26th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $66.40.

Forward Air stock opened at $67.41 on Tuesday. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 28.56 and a beta of 1.38. Forward Air has a twelve month low of $49.88 and a twelve month high of $72.81.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Wednesday, July 25th. The transportation company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The company had revenue of $330.30 million during the quarter, compared to analyst estimates of $314.08 million. Forward Air had a return on equity of 15.16% and a net margin of 7.84%. Forward Air’s revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. Analysts anticipate that Forward Air will post 3.13 earnings per share for the current fiscal year.

In other news, VP Glenn A. Adelaar sold 14,397 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $896,357.22. Following the transaction, the vice president now directly owns 41,852 shares of the company’s stock, valued at $2,605,705.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Matthew J. Jewell sold 8,080 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $63.00, for a total value of $509,040.00. Following the transaction, the insider now directly owns 51,409 shares in the company, valued at $3,238,767. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,417 shares of company stock worth $3,213,107. Insiders own 1.95% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN increased its position in shares of Forward Air by 13.4% during the second quarter. Wells Fargo & Company MN now owns 155,653 shares of the transportation company’s stock worth $9,197,000 after purchasing an additional 18,393 shares in the last quarter. CIBC World Markets Inc. increased its position in shares of Forward Air by 18.0% during the second quarter. CIBC World Markets Inc. now owns 27,082 shares of the transportation company’s stock worth $1,600,000 after purchasing an additional 4,139 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Forward Air during the second quarter worth $368,000. BlackRock Inc. increased its position in shares of Forward Air by 8.3% during the second quarter. BlackRock Inc. now owns 4,070,423 shares of the transportation company’s stock worth $240,480,000 after purchasing an additional 312,075 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Forward Air by 5.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 231,174 shares of the transportation company’s stock worth $13,658,000 after purchasing an additional 12,551 shares in the last quarter. 95.08% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Forward Air (NASDAQ:FWRD)

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