Forward Air (NASDAQ:FWRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $69.00 price objective on the transportation company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.68% from the stock’s previous close.
According to Zacks, “Forward Air Corporation is a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market. Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Brokerage (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). “
FWRD has been the subject of a number of other reports. BidaskClub lowered shares of Forward Air from a “sell” rating to a “strong sell” rating in a report on Wednesday, February 21st. Stifel Nicolaus raised shares of Forward Air from a “hold” rating to a “buy” rating and increased their price objective for the company from $62.00 to $64.00 in a report on Thursday, April 26th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Forward Air has an average rating of “Buy” and an average target price of $64.20.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Wednesday, April 25th. The transportation company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Forward Air had a net margin of 7.85% and a return on equity of 14.41%. The business had revenue of $302.60 million during the quarter, compared to analyst estimates of $291.73 million. During the same period last year, the firm posted $0.48 EPS. The company’s revenue was up 15.5% on a year-over-year basis. analysts forecast that Forward Air will post 3.02 earnings per share for the current fiscal year.
In related news, insider Chris C. Ruble sold 7,969 shares of the firm’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $60.50, for a total value of $482,124.50. Following the completion of the transaction, the insider now directly owns 24,756 shares of the company’s stock, valued at $1,497,738. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael L. Hance sold 4,669 shares of the firm’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $60.66, for a total transaction of $283,221.54. Following the completion of the transaction, the vice president now directly owns 31,120 shares of the company’s stock, valued at $1,887,739.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,198 shares of company stock valued at $1,279,195. 1.95% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its holdings in shares of Forward Air by 22.7% in the fourth quarter. Millennium Management LLC now owns 173,348 shares of the transportation company’s stock valued at $9,957,000 after purchasing an additional 32,092 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Forward Air by 8.6% in the fourth quarter. California Public Employees Retirement System now owns 64,650 shares of the transportation company’s stock valued at $3,713,000 after purchasing an additional 5,132 shares in the last quarter. Advisor Group Inc. grew its holdings in shares of Forward Air by 138.7% in the fourth quarter. Advisor Group Inc. now owns 2,626 shares of the transportation company’s stock valued at $151,000 after purchasing an additional 1,526 shares in the last quarter. Pinebridge Investments L.P. grew its holdings in shares of Forward Air by 180.7% in the fourth quarter. Pinebridge Investments L.P. now owns 10,555 shares of the transportation company’s stock valued at $606,000 after purchasing an additional 6,795 shares in the last quarter. Finally, Paloma Partners Management Co boosted its stake in Forward Air by 142.8% during the fourth quarter. Paloma Partners Management Co now owns 8,710 shares of the transportation company’s stock worth $500,000 after buying an additional 5,122 shares during the period. 95.92% of the stock is 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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