Cowen and Company reiterated their market perform rating on shares of Forward Air Corporation (NASDAQ:FWRD) in a report issued on Monday, MarketBeat reports. Cowen and Company currently has a $54.00 price objective on the transportation company’s stock, up from their previous price objective of $51.00.
FWRD has been the subject of several other research reports. Zacks Investment Research cut Forward Air Corporation from a hold rating to a sell rating in a research report on Friday, October 27th. Stifel Nicolaus boosted their price target on Forward Air Corporation from $47.00 to $52.00 and gave the stock a hold rating in a research report on Thursday, October 26th. Robert W. Baird restated a hold rating and set a $60.00 target price on shares of Forward Air Corporation in a research note on Friday, October 6th. KeyCorp reiterated a hold rating on shares of Forward Air Corporation in a research note on Friday, September 22nd. Finally, Wolfe Research cut Forward Air Corporation from an outperform rating to a market perform rating in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The company presently has a consensus rating of Hold and an average target price of $55.33.
Forward Air Corporation (NASDAQ:FWRD) last issued its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.58. The company had revenue of $280.20 million for the quarter, compared to analysts’ expectations of $278.75 million. Forward Air Corporation had a return on equity of 13.76% and a net margin of 6.10%. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 earnings per share.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Thursday, November 23rd will be issued a $0.15 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $0.60 annualized dividend and a dividend yield of 1.04%. Forward Air Corporation’s dividend payout ratio (DPR) is presently 28.17%.
In related news, CAO Michael P. Mclean sold 15,718 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.05, for a total value of $802,403.90. Following the completion of the transaction, the chief accounting officer now owns 20,559 shares of the company’s stock, valued at approximately $1,049,536.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Mclean sold 4,984 shares of the company’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $54.82, for a total value of $273,222.88. Following the completion of the transaction, the insider now directly owns 13,401 shares of the company’s stock, valued at approximately $734,642.82. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWRD. BlackRock Inc. raised its holdings in Forward Air Corporation by 157,904.2% in the 1st quarter. BlackRock Inc. now owns 3,803,161 shares of the transportation company’s stock worth $180,917,000 after purchasing an additional 3,800,754 shares during the period. Dalton Greiner Hartman Maher & Co. acquired a new position in Forward Air Corporation in the 2nd quarter worth about $16,164,000. Victory Capital Management Inc. raised its holdings in Forward Air Corporation by 12.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after purchasing an additional 139,363 shares during the period. Vanguard Group Inc. raised its holdings in Forward Air Corporation by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 2,678,842 shares of the transportation company’s stock worth $127,433,000 after purchasing an additional 114,244 shares during the period. Finally, AHL Partners LLP raised its holdings in Forward Air Corporation by 358.3% in the 2nd quarter. AHL Partners LLP now owns 95,269 shares of the transportation company’s stock worth $5,076,000 after purchasing an additional 74,480 shares during the period. 96.20% of the stock is owned by institutional investors.
Forward Air Corporation Company Profile
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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