ValuEngine Lowers Forward Air (FWRD) to Hold

ValuEngine lowered shares of Forward Air (NASDAQ:FWRD) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

A number of other equities research analysts also recently commented on FWRD. BidaskClub cut Forward Air from a buy rating to a hold rating in a research note on Thursday, August 30th. Deutsche Bank initiated coverage on Forward Air in a research note on Tuesday, September 4th. They set a buy rating and a $72.00 price objective on the stock. Stephens cut 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. Zacks Investment Research cut Forward Air from a buy rating to a hold rating in a research note on Wednesday, October 3rd. Finally, Stifel Nicolaus set a $68.00 price objective on Forward Air and gave the stock a hold rating in a research note on Thursday, October 25th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $68.75.

NASDAQ:FWRD opened at $59.65 on Wednesday. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.80 billion, a P/E ratio of 21.81 and a beta of 1.53. Forward Air has a 12 month low of $51.00 and a 12 month high of $72.81.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Wednesday, October 24th. The transportation company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. The company had revenue of $331.38 million for the quarter, compared to the consensus estimate of $327.81 million. Forward Air had a return on equity of 15.63% and a net margin of 7.85%. On average, equities research analysts anticipate that Forward Air will post 3.02 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 7th. Shareholders of record on Friday, November 23rd were paid a dividend of $0.18 per share. This is a boost from Forward Air’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 1.21%. The ex-dividend date was Wednesday, November 21st. Forward Air’s payout ratio is presently 30.51%.

In other Forward Air news, Director George M. Lynch sold 1,965 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $60.52, for a total transaction of $118,921.80. Following the sale, the director now directly owns 9,972 shares of the company’s stock, valued at $603,505.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.95% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Radnor Capital Management LLC grew its stake in shares of Forward Air by 11.2% during the third quarter. Radnor Capital Management LLC now owns 7,560 shares of the transportation company’s stock valued at $542,000 after buying an additional 760 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of Forward Air by 18.2% during the third quarter. Glenmede Trust Co. NA now owns 6,905 shares of the transportation company’s stock valued at $494,000 after buying an additional 1,065 shares during the last quarter. Summit Global Investments grew its stake in shares of Forward Air by 13.0% during the second quarter. Summit Global Investments now owns 11,300 shares of the transportation company’s stock valued at $668,000 after buying an additional 1,300 shares during the last quarter. IndexIQ Advisors LLC grew its stake in shares of Forward Air by 3.9% during the third quarter. IndexIQ Advisors LLC now owns 43,005 shares of the transportation company’s stock valued at $3,083,000 after buying an additional 1,625 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Forward Air by 57.4% during the third quarter. PNC Financial Services Group Inc. now owns 4,605 shares of the transportation company’s stock valued at $330,000 after buying an additional 1,679 shares during the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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