Wall Street analysts expect Forward Air Co. (NASDAQ:FWRD) to report $290.18 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Forward Air’s earnings. The lowest sales estimate is $280.40 million and the highest is $298.60 million. Forward Air reported sales of $246.98 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.5%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, April 25th.
According to Zacks, analysts expect that Forward Air will report full year sales of $290.18 million for the current financial year, with estimates ranging from $1.20 billion to $1.29 billion. For the next year, analysts anticipate that the business will post sales of $1.31 billion per share, with estimates ranging from $1.27 billion to $1.38 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Forward Air.
Forward Air (NASDAQ:FWRD) last posted its quarterly earnings results on Wednesday, February 7th. The transportation company reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. The firm had revenue of $306.10 million during the quarter, compared to the consensus estimate of $301.47 million. Forward Air had a return on equity of 13.91% and a net margin of 7.93%. The business’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company earned $0.58 earnings per share.
A number of research analysts have weighed in on FWRD shares. Stifel Nicolaus raised their price target on Forward Air from $47.00 to $52.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Cowen restated a “market perform” rating and issued a $54.00 price target (up from $51.00) on shares of Forward Air in a research note on Monday, October 30th. Zacks Investment Research downgraded Forward Air from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Stephens set a $74.00 price target on Forward Air and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, BidaskClub downgraded Forward Air from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $61.40.
In other news, CEO Bruce A. Campbell sold 500 shares of Forward Air stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $55.45, for a total transaction of $27,725.00. Following the completion of the transaction, the chief executive officer now directly owns 153,454 shares in the company, valued at approximately $8,509,024.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Bruce A. Campbell sold 5,264 shares of Forward Air stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $55.43, for a total value of $291,783.52. Following the transaction, the chairman now owns 153,454 shares of the company’s stock, valued at $8,505,955.22. The disclosure for this sale can be found here. Insiders have sold a total of 57,628 shares of company stock valued at $3,271,559 over the last quarter. 2.40% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of FWRD. Cambiar Investors LLC bought a new position in shares of Forward Air during the 3rd quarter worth approximately $8,421,000. Victory Capital Management Inc. boosted its stake in shares of Forward Air by 12.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after acquiring an additional 139,363 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Forward Air during the 4th quarter worth approximately $7,980,000. Boston Partners bought a new position in shares of Forward Air during the 4th quarter worth approximately $2,756,000. Finally, Deutsche Bank AG boosted its stake in shares of Forward Air by 81.9% during the 4th quarter. Deutsche Bank AG now owns 102,345 shares of the transportation company’s stock worth $5,877,000 after acquiring an additional 46,090 shares during the period. Institutional investors own 94.32% of the company’s stock.
Forward Air (FWRD) traded up $0.31 during mid-day trading on Thursday, reaching $54.65. The company’s stock had a trading volume of 235,700 shares, compared to its average volume of 258,062. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.71. The company has a market capitalization of $1,617.82, a P/E ratio of 18.91 and a beta of 1.17. Forward Air has a 12-month low of $45.86 and a 12-month high of $64.80.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Thursday, March 8th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.60 annualized dividend and a dividend yield of 1.10%. Forward Air’s dividend payout ratio is currently 20.76%.
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Forward Air 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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