Forward Air (NASDAQ:FWRD) Stock Rating Upgraded by Zacks Research

Forward Air (NASDAQ:FWRD) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research note on Friday, July 17th. Stifel Nicolaus raised their price objective on shares of Forward Air from $19.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Susquehanna reduced their price objective on Forward Air from $42.00 to $18.00 and set a “positive” rating for the company in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Forward Air Price Performance

NASDAQ:FWRD opened at $17.80 on Wednesday. The company has a market cap of $562.84 million, a P/E ratio of -2.00 and a beta of 1.36. The firm’s fifty day moving average price is $13.42 and its two-hundred day moving average price is $17.97. Forward Air has a one year low of $7.86 and a one year high of $32.00. The company has a debt-to-equity ratio of 13.98, a current ratio of 1.23 and a quick ratio of 1.23.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Thursday, May 7th. The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.74). The company had revenue of $582.05 million for the quarter, compared to analyst estimates of $620.23 million. Forward Air had a negative return on equity of 10.88% and a negative net margin of 11.37%.The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.68) EPS. Equities analysts expect that Forward Air will post -1.08 earnings per share for the current year.

Institutional Investors Weigh In On Forward Air

Hedge funds and other institutional investors have recently modified their holdings of the company. Royce & Associates LP boosted its stake in shares of Forward Air by 60.7% in the fourth quarter. Royce & Associates LP now owns 281,553 shares of the transportation company’s stock valued at $7,039,000 after buying an additional 106,364 shares during the period. Melqart Asset Management UK Ltd increased its stake in Forward Air by 122.3% during the 4th quarter. Melqart Asset Management UK Ltd now owns 849,876 shares of the transportation company’s stock worth $21,247,000 after acquiring an additional 467,482 shares during the period. BNP Paribas Financial Markets increased its stake in Forward Air by 105.8% during the 4th quarter. BNP Paribas Financial Markets now owns 404,706 shares of the transportation company’s stock worth $10,118,000 after acquiring an additional 208,096 shares during the period. Cibc World Market Inc. raised its holdings in Forward Air by 3.8% in the 4th quarter. Cibc World Market Inc. now owns 784,731 shares of the transportation company’s stock valued at $19,618,000 after acquiring an additional 28,693 shares in the last quarter. Finally, Cornerstone Wealth LLC TN acquired a new position in Forward Air in the 1st quarter valued at $319,000. Institutional investors and hedge funds own 97.03% of the company’s stock.

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.