Robert W. Baird set a $75.00 price objective on Forward Air (NASDAQ:FWRD) in a research note released on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the transportation company’s stock.
Several other analysts also recently issued reports on FWRD. Zacks Investment Research raised Forward Air from a sell rating to a hold rating in a report on Wednesday, October 23rd. BidaskClub raised Forward Air from a hold rating to a buy rating in a report on Friday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $72.33.
Shares of NASDAQ FWRD traded up $0.84 during mid-day trading on Friday, hitting $71.08. The company had a trading volume of 218,794 shares, compared to its average volume of 154,005. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 22.76 and a beta of 1.54. Forward Air has a 12 month low of $51.54 and a 12 month high of $72.09. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s 50 day simple moving average is $63.27 and its two-hundred day simple moving average is $61.50.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Thursday, October 24th. The transportation company reported $0.78 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.78. The business had revenue of $361.70 million for the quarter, compared to the consensus estimate of $354.91 million. Forward Air had a return on equity of 17.12% and a net margin of 6.54%. The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. Equities analysts forecast that Forward Air will post 3.2 earnings per share for the current year.
In other Forward Air news, insider Glenn A. Adelaar sold 4,917 shares of Forward Air stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $61.05, for a total transaction of $300,182.85. Following the sale, the insider now owns 41,177 shares of the company’s stock, valued at approximately $2,513,855.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.04% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in FWRD. Envestnet Asset Management Inc. increased its position in shares of Forward Air by 3.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,225 shares of the transportation company’s stock valued at $2,438,000 after purchasing an additional 1,233 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Forward Air by 0.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 244,579 shares of the transportation company’s stock valued at $14,467,000 after purchasing an additional 1,579 shares during the period. Verition Fund Management LLC acquired a new position in shares of Forward Air during the 2nd quarter valued at $367,000. Sun Life Financial INC increased its position in shares of Forward Air by 25.7% during the 2nd quarter. Sun Life Financial INC now owns 4,108 shares of the transportation company’s stock valued at $243,000 after purchasing an additional 841 shares during the period. Finally, Pathstone Family Office LLC acquired a new position in shares of Forward Air during the 2nd quarter valued at $31,000. 95.06% of the stock is currently owned by hedge funds and other institutional investors.
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).
Further Reading: Hold Rating
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