Forward Air (FWRD) Upgraded at BidaskClub

Forward Air (NASDAQ:FWRD) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Several other brokerages also recently issued reports on FWRD. ValuEngine raised Forward Air from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Deutsche Bank initiated coverage on Forward Air in a research note on Tuesday, September 4th. They issued a “buy” rating and a $72.00 price objective for the company. Stifel Nicolaus increased their price objective on Forward Air from $64.00 to $68.00 and gave the stock a “hold” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded Forward Air from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. Finally, Stephens downgraded Forward Air from an “overweight” rating to an “equal” rating and reduced their price objective for the stock from $74.00 to $67.00 in a research note on Monday, October 29th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $68.75.

Shares of Forward Air stock opened at $62.47 on Thursday. The stock has a market capitalization of $1.82 billion, a P/E ratio of 26.47 and a beta of 1.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.66 and a quick ratio of 2.66. Forward Air has a 1 year low of $51.00 and a 1 year high of $72.81.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Wednesday, October 24th. The transportation company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The firm had revenue of $331.38 million during the quarter, compared to the consensus estimate of $327.81 million. Forward Air had a return on equity of 15.63% and a net margin of 7.85%. On average, research analysts forecast that Forward Air will post 3.02 earnings per share for the current year.

In other news, Director George M. Lynch sold 1,965 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $60.52, for a total transaction of $118,921.80. Following the completion of the sale, the director now directly owns 9,972 shares of the company’s stock, valued at approximately $603,505.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Bruce A. Campbell sold 8,627 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $65.57, for a total value of $565,672.39. Following the sale, the chairman now directly owns 137,866 shares of the company’s stock, valued at $9,039,873.62. The disclosure for this sale can be found here. Insiders have sold a total of 19,115 shares of company stock valued at $1,234,413 over the last ninety days. Company insiders own 1.95% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FWRD. Sun Life Financial INC purchased a new stake in shares of Forward Air during the 2nd quarter worth about $142,000. Royal Bank of Canada raised its stake in shares of Forward Air by 281.0% during the 1st quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock worth $159,000 after purchasing an additional 2,209 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Forward Air during the 3rd quarter worth about $205,000. Verition Fund Management LLC purchased a new stake in shares of Forward Air during the 3rd quarter worth about $219,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Forward Air during the 3rd quarter worth about $271,000. 95.96% of the stock is owned by 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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