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.
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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