Forward Air (NASDAQ:FWRD) Rating Lowered to Hold at BidaskClub

Forward Air (NASDAQ:FWRD) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday, BidAskClub reports.

Separately, Zacks Investment Research cut shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $70.00.

Shares of NASDAQ FWRD traded up $1.40 during midday trading on Friday, reaching $62.25. The company’s stock had a trading volume of 88,033 shares, compared to its average volume of 131,895. Forward Air has a fifty-two week low of $51.54 and a fifty-two week high of $68.82. 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 stock has a 50 day simple moving average of $62.23 and a 200-day simple moving average of $61.49. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 19.95 and a beta of 1.54.

Forward Air (NASDAQ:FWRD) last released its earnings results on Thursday, July 25th. The transportation company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.04). Forward Air had a net margin of 6.70% and a return on equity of 17.18%. The firm had revenue of $345.76 million during the quarter, compared to the consensus estimate of $348.07 million. During the same period in the prior year, the business posted $0.82 earnings per share. Forward Air’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Forward Air will post 3.2 EPS for the current year.

In related news, insider Glenn A. Adelaar sold 4,917 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $61.05, for a total value of $300,182.85. Following the completion of the transaction, the insider now directly owns 41,177 shares of the company’s stock, valued at $2,513,855.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.04% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in FWRD. Advisor Group Inc. boosted its position in Forward Air by 5.0% during the second quarter. Advisor Group Inc. now owns 3,412 shares of the transportation company’s stock worth $201,000 after purchasing an additional 164 shares during the period. Trexquant Investment LP boosted its position in Forward Air by 5.1% during the second quarter. Trexquant Investment LP now owns 3,548 shares of the transportation company’s stock worth $210,000 after purchasing an additional 172 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Forward Air by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 11,510 shares of the transportation company’s stock worth $681,000 after purchasing an additional 200 shares during the period. Stone Ridge Asset Management LLC boosted its position in Forward Air by 1.8% during the second quarter. Stone Ridge Asset Management LLC now owns 11,442 shares of the transportation company’s stock worth $677,000 after purchasing an additional 200 shares during the period. Finally, Advisory Services Network LLC boosted its position in 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 period. 94.70% of the stock is owned by institutional investors and hedge funds.

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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