Forward Air Co. (NASDAQ:FWRD – Get Free Report) announced a quarterly dividend on Tuesday, October 24th, Zacks reports. Shareholders of record on Wednesday, November 22nd will be paid a dividend of 0.24 per share by the transportation company on Thursday, December 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Tuesday, November 21st.
Forward Air has raised its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Forward Air has a dividend payout ratio of 22.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Forward Air to earn $4.68 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 20.5%.
Forward Air Trading Up 1.7 %
Shares of FWRD stock opened at $65.83 on Friday. The firm’s 50-day simple moving average is $69.15 and its 200-day simple moving average is $87.18. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.25 and a quick ratio of 1.25. Forward Air has a 1-year low of $60.09 and a 1-year high of $121.38. The firm has a market cap of $1.69 billion, a P/E ratio of 16.10 and a beta of 1.16.
In other news, COO Chris C. Ruble bought 1,433 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was acquired at an average cost of $69.77 per share, for a total transaction of $99,980.41. Following the completion of the purchase, the chief operating officer now owns 28,276 shares of the company’s stock, valued at $1,972,816.52. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Forward Air news, insider Kyle R. Mitchin acquired 1,093 shares of the stock in a transaction on Friday, August 25th. The stock was purchased at an average price of $68.63 per share, for a total transaction of $75,012.59. Following the purchase, the insider now directly owns 18,896 shares in the company, valued at $1,296,832.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Chris C. Ruble bought 1,433 shares of the business’s stock in a transaction on Friday, August 25th. The stock was acquired at an average cost of $69.77 per share, for a total transaction of $99,980.41. Following the completion of the transaction, the chief operating officer now owns 28,276 shares in the company, valued at $1,972,816.52. The disclosure for this purchase can be found here. Insiders have bought 2,841 shares of company stock worth $195,358 over the last 90 days. Company insiders own 1.70% of the company’s stock.
Institutional Trading of Forward Air
Hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC bought a new stake in Forward Air in the first quarter valued at about $45,000. Rockefeller Capital Management L.P. increased its holdings in shares of Forward Air by 39.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 653 shares of the transportation company’s stock valued at $68,000 after acquiring an additional 185 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Forward Air by 137.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 761 shares of the transportation company’s stock valued at $82,000 after acquiring an additional 441 shares in the last quarter. Captrust Financial Advisors lifted its stake in Forward Air by 156.0% during the first quarter. Captrust Financial Advisors now owns 1,298 shares of the transportation company’s stock worth $127,000 after purchasing an additional 791 shares during the last quarter. Finally, Point72 Middle East FZE acquired a new position in Forward Air in the fourth quarter worth $166,000. Institutional investors and hedge funds own 97.03% of the company’s stock.
Wall Street Analysts Forecast Growth
FWRD has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and issued a $130.00 target price on shares of Forward Air in a report on Monday, August 7th. Stifel Nicolaus decreased their target price on Forward Air from $103.00 to $86.00 in a report on Thursday, October 5th. TheStreet downgraded shares of Forward Air from a “b-” rating to a “c+” rating in a research report on Tuesday, September 5th. Jefferies Financial Group upgraded shares of Forward Air from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $110.00 to $85.00 in a research note on Tuesday, August 29th. Finally, Susquehanna cut their target price on shares of Forward Air from $84.00 to $75.00 and set a “positive” rating on the stock in a research note on Wednesday, November 1st. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Forward Air presently has an average rating of “Hold” and a consensus price target of $94.57.
About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
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