Zacks: Analysts Expect Forward Air Co. (FWRD) Will Announce Quarterly Sales of $328.41 Million

Equities research analysts expect Forward Air Co. (NASDAQ:FWRD) to post $328.41 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Forward Air’s earnings, with the highest sales estimate coming in at $334.04 million and the lowest estimate coming in at $314.70 million. Forward Air reported sales of $280.20 million during the same quarter last year, which indicates a positive year over year growth rate of 17.2%. The company is scheduled to report its next earnings results on Wednesday, October 24th.

On average, analysts expect that Forward Air will report full-year sales of $1.32 billion for the current year, with estimates ranging from $1.29 billion to $1.33 billion. For the next financial year, analysts forecast that the business will report sales of $1.40 billion per share, with estimates ranging from $1.36 billion to $1.47 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Forward Air.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, July 25th. The transportation company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $330.30 million for the quarter, compared to the consensus estimate of $314.08 million. Forward Air had a net margin of 7.84% and a return on equity of 15.16%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS.

Several analysts have issued reports on FWRD shares. BidaskClub lowered shares of Forward Air from a “buy” rating to a “hold” rating in a research report on Wednesday, June 27th. Zacks Investment Research upgraded shares of Forward Air from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Tuesday, June 19th. ValuEngine upgraded shares of Forward Air from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. Deutsche Bank started coverage on shares of Forward Air in a research report on Tuesday, September 4th. They issued a “buy” rating and a $72.00 price target on the stock. Finally, Stifel Nicolaus raised their price target on shares of Forward Air from $64.00 to $68.00 and gave the stock a “hold” rating in a research report on Thursday, July 26th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $65.17.

In other Forward Air news, Chairman Bruce A. Campbell sold 8,790 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $64.53, for a total value of $567,218.70. Following the transaction, the chairman now directly owns 138,442 shares in the company, valued at $8,933,662.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Bruce A. Campbell sold 8,627 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $65.57, for a total transaction of $565,672.39. Following the completion of the transaction, the chairman now owns 137,866 shares in the company, valued at $9,039,873.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,417 shares of company stock worth $3,213,107. Company insiders own 1.95% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Moody Aldrich Partners LLC raised its stake in shares of Forward Air by 74.8% in the second quarter. Moody Aldrich Partners LLC now owns 45,839 shares of the transportation company’s stock worth $2,708,000 after acquiring an additional 19,610 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Forward Air by 58.1% in the second quarter. Public Employees Retirement System of Ohio now owns 81,703 shares of the transportation company’s stock worth $4,827,000 after acquiring an additional 30,027 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of Forward Air in the second quarter worth about $8,233,000. California Public Employees Retirement System raised its stake in shares of Forward Air by 4.0% in the second quarter. California Public Employees Retirement System now owns 62,429 shares of the transportation company’s stock worth $3,688,000 after acquiring an additional 2,416 shares during the last quarter. Finally, Scopus Asset Management L.P. bought a new position in shares of Forward Air in the second quarter worth about $8,510,000. Hedge funds and other institutional investors own 95.08% of the company’s stock.

Shares of FWRD opened at $68.61 on Friday. The firm has a market capitalization of $1.94 billion, a P/E ratio of 29.07 and a beta of 1.42. Forward Air has a one year low of $49.88 and a one year high of $68.67. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.07.

The company also recently declared a quarterly dividend, which was paid on Friday, September 7th. Shareholders of record on Thursday, August 23rd were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 22nd. This represents a $0.60 dividend on an annualized basis and a yield of 0.87%. Forward Air’s dividend payout ratio (DPR) is presently 25.42%.

Forward Air Company Profile

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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