Forward Air Corporation’s (NASDAQ:FWRD) Hold Rating Reiterated at Cowen and Company

Cowen and Company reiterated their hold rating on shares of Forward Air Corporation (NASDAQ:FWRD) in a research report released on Thursday. The firm currently has a $51.00 target price on the transportation company’s stock.

FWRD has been the topic of several other research reports. BidaskClub downgraded shares of Forward Air Corporation from a sell rating to a strong sell rating in a research note on Tuesday, August 1st. Stifel Nicolaus raised their price objective on shares of Forward Air Corporation from $46.00 to $47.00 and gave the stock a hold rating in a research note on Friday, April 28th. Zacks Investment Research downgraded shares of Forward Air Corporation from a buy rating to a hold rating in a research note on Tuesday, August 1st. Finally, Wolfe Research downgraded shares of Forward Air Corporation from an outperform rating to a market perform rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Forward Air Corporation presently has a consensus rating of Hold and a consensus target price of $51.25.

Forward Air Corporation (NASDAQ:FWRD) traded up 1.73% on Thursday, reaching $51.76. 59,922 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.57 billion, a PE ratio of 27.07 and a beta of 1.06. The firm has a 50 day moving average of $52.74 and a 200 day moving average of $50.49. Forward Air Corporation has a 12 month low of $40.07 and a 12 month high of $56.52.

Forward Air Corporation (NASDAQ:FWRD) last announced its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.06. The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $256.98 million. Forward Air Corporation had a net margin of 5.68% and a return on equity of 13.31%. Forward Air Corporation’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. Equities analysts predict that Forward Air Corporation will post $2.35 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 25th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.60 annualized dividend and a dividend yield of 1.18%. Forward Air Corporation’s payout ratio is 31.25%.

In other Forward Air Corporation news, CAO Michael P. Mclean sold 3,333 shares of Forward Air Corporation stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $52.00, for a total transaction of $173,316.00. Following the sale, the chief accounting officer now owns 21,718 shares in the company, valued at $1,129,336. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director C Robert Campbell sold 1,718 shares of Forward Air Corporation stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $52.99, for a total transaction of $91,036.82. Following the sale, the director now owns 19,652 shares in the company, valued at approximately $1,041,359.48. The disclosure for this sale can be found here. Insiders have sold 55,295 shares of company stock worth $2,861,066 in the last quarter. Corporate insiders own 2.40% of the company’s stock.

A number of large investors have recently bought and sold shares of FWRD. Guggenheim Capital LLC increased its stake in Forward Air Corporation by 61.2% in the fourth quarter. Guggenheim Capital LLC now owns 10,368 shares of the transportation company’s stock worth $491,000 after buying an additional 3,938 shares in the last quarter. Norges Bank purchased a new stake in shares of Forward Air Corporation during the fourth quarter valued at approximately $12,003,000. Teachers Advisors LLC increased its stake in shares of Forward Air Corporation by 2.4% in the fourth quarter. Teachers Advisors LLC now owns 48,418 shares of the transportation company’s stock valued at $2,294,000 after buying an additional 1,149 shares in the last quarter. First National Bank of Omaha increased its stake in shares of Forward Air Corporation by 31.0% in the first quarter. First National Bank of Omaha now owns 31,024 shares of the transportation company’s stock valued at $1,476,000 after buying an additional 7,345 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Forward Air Corporation by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 3,340 shares of the transportation company’s stock valued at $158,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 98.36% of the company’s stock.

About Forward Air Corporation

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.

Analyst Recommendations for Forward Air Corporation (NASDAQ:FWRD)

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