Forward Air (FWRD) Lifted to Buy at Zacks Investment Research

Forward Air (NASDAQ:FWRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $67.00 price objective on the transportation company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.68% 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). “

Other equities research analysts have also issued research reports about the stock. Cowen reaffirmed a “market perform” rating and set a $54.00 price target (up previously from $51.00) on shares of Forward Air in a research report on Monday, October 30th. Robert W. Baird reissued a “hold” rating and issued a $60.00 target price on shares of Forward Air in a report on Friday, October 6th. KeyCorp reissued a “hold” rating on shares of Forward Air in a report on Friday, September 22nd. Stifel Nicolaus increased their target price on shares of Forward Air from $47.00 to $52.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Finally, BidaskClub raised shares of Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Forward Air currently has a consensus rating of “Hold” and a consensus price target of $58.25.

Forward Air (FWRD) traded down $0.74 during midday trading on Tuesday, hitting $59.46. 160,346 shares of the stock traded hands, compared to its average volume of 186,967. Forward Air has a 12-month low of $45.86 and a 12-month high of $60.68. The stock has a market cap of $1,730.36, a price-to-earnings ratio of 27.92 and a beta of 1.18. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 0.08.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 EPS for the quarter, meeting the Thomson Reuters’ 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 analyst estimates of $278.75 million. During the same quarter in the prior year, the firm earned $0.51 EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. analysts forecast that Forward Air will post 2.33 EPS for the current fiscal year.

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

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Forward Air by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 2,694,979 shares of the transportation company’s stock worth $143,589,000 after purchasing an additional 16,137 shares during the period. Victory Capital Management Inc. boosted its stake in Forward Air by 12.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after purchasing an additional 139,363 shares during the period. Dimensional Fund Advisors LP boosted its stake in Forward Air by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,214,199 shares of the transportation company’s stock worth $69,488,000 after purchasing an additional 3,378 shares during the period. State Street Corp boosted its stake in Forward Air by 1.4% in the 2nd quarter. State Street Corp now owns 785,118 shares of the transportation company’s stock worth $41,835,000 after purchasing an additional 10,471 shares during the period. Finally, Northern Trust Corp boosted its stake in Forward Air by 4.6% in the 2nd quarter. Northern Trust Corp now owns 467,009 shares of the transportation company’s stock worth $24,882,000 after purchasing an additional 20,421 shares during the period. Institutional investors and hedge funds own 95.70% of the company’s stock.

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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.

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