Forward Air (FWRD) Lifted to Outperform at Robert W. Baird

Forward Air (NASDAQ:FWRD) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued on Thursday.

FWRD has been the subject of several other research reports. BidaskClub raised shares of Forward Air from a “sell” rating to a “hold” rating in a research report on Saturday, December 2nd. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Tuesday, January 9th. KeyCorp reissued a “hold” rating on shares of Forward Air in a research report on Friday, September 22nd. Stephens reissued a “buy” rating and set a $80.00 target price on shares of Forward Air in a research report on Wednesday, January 10th. Finally, Cowen reissued a “market perform” rating and set a $54.00 target price (up previously from $51.00) on shares of Forward Air in a research report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $62.60.

Shares of Forward Air (FWRD) opened at $60.14 on Thursday. Forward Air has a 52-week low of $45.86 and a 52-week high of $60.93. The firm has a market cap of $1,783.06, a P/E ratio of 28.23 and a beta of 1.18. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.71 and a quick ratio of 2.71.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, hitting the consensus estimate of $0.58. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. The firm had revenue of $280.20 million during the quarter, compared to analysts’ expectations of $278.75 million. During the same quarter in the prior year, the company earned $0.51 EPS. The company’s revenue was up 12.3% compared to the same quarter last year. research analysts expect that Forward Air will post 2.34 earnings per share for the current fiscal year.

In related news, Director George M. Lynch sold 1,640 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $57.00, for a total transaction of $93,480.00. Following the completion of the sale, the director now owns 12,383 shares of the company’s stock, valued at $705,831. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris C. Ruble sold 23,020 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $57.75, for a total transaction of $1,329,405.00. Following the sale, the insider now directly owns 28,279 shares of the company’s stock, valued at approximately $1,633,112.25. The disclosure for this sale can be found here. Insiders have sold 93,549 shares of company stock valued at $5,250,836 in the last three months. 2.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Forward Air by 0.6% in the second quarter. Vanguard Group Inc. now owns 2,694,979 shares of the transportation company’s stock worth $143,589,000 after buying an additional 16,137 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Forward Air by 12.5% in the third quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after buying an additional 139,363 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Forward Air by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,214,199 shares of the transportation company’s stock worth $69,488,000 after buying an additional 3,378 shares during the last quarter. State Street Corp raised its holdings in shares of Forward Air by 1.4% in the second quarter. State Street Corp now owns 785,118 shares of the transportation company’s stock worth $41,835,000 after buying an additional 10,471 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Forward Air by 4.6% in the second quarter. Northern Trust Corp now owns 467,009 shares of the transportation company’s stock worth $24,882,000 after buying an additional 20,421 shares during the last quarter. 95.71% of the stock is owned by institutional investors and hedge funds.

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About Forward Air

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 (NASDAQ:FWRD)

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