Separately, Zacks Investment Research downgraded Forward Air from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $70.00.
NASDAQ FWRD traded up $1.40 during trading on Friday, hitting $62.25. 88,033 shares of the company’s stock were exchanged, compared to its average volume of 131,895. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.72 billion, a PE ratio of 19.95 and a beta of 1.54. Forward Air has a fifty-two week low of $51.54 and a fifty-two week high of $68.82. The stock’s 50 day moving average price is $62.23 and its two-hundred day moving average price is $61.49.
Forward Air (NASDAQ:FWRD) last issued its earnings results on Thursday, July 25th. The transportation company reported $0.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.04). The business had revenue of $345.76 million for the quarter, compared to analyst estimates of $348.07 million. Forward Air had a return on equity of 17.18% and a net margin of 6.70%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 EPS. Analysts forecast that Forward Air will post 3.2 earnings per share for the current fiscal year.
In other news, insider Glenn A. Adelaar sold 4,917 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $61.05, for a total transaction of $300,182.85. Following the sale, the insider now directly owns 41,177 shares in the company, valued at $2,513,855.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.04% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FWRD. Point72 Asset Management L.P. bought a new stake in shares of Forward Air during the second quarter worth about $30,000. Pathstone Family Office LLC bought a new stake in shares of Forward Air during the second quarter worth about $31,000. Advisory Services Network LLC grew its holdings in shares of Forward Air by 70.8% during the second quarter. Advisory Services Network LLC now owns 683 shares of the transportation company’s stock worth $41,000 after purchasing an additional 283 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Forward Air during the second quarter worth about $47,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Forward Air by 3,740.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,229 shares of the transportation company’s stock worth $73,000 after purchasing an additional 1,197 shares during the last quarter. Institutional investors own 94.70% of the company’s stock.
About Forward Air
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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