Forward Air (FWRD) Sets New 1-Year High at $65.11

Forward Air Co. (NASDAQ:FWRD) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $65.11 and last traded at $63.92, with a volume of 1341 shares changing hands. The stock had previously closed at $64.31.

Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Forward Air from a “buy” rating to a “hold” rating in a research note on Thursday, July 5th. Stifel Nicolaus lowered shares of Forward Air from a “buy” rating to a “hold” rating and set a $64.00 target price for the company. in a research note on Tuesday, July 10th. They noted that the move was a valuation call. Stephens set a $70.00 target price on shares of Forward Air and gave the stock a “buy” rating in a research note on Friday, July 27th. ValuEngine raised shares of Forward Air from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. Finally, BidaskClub raised shares of Forward Air from a “hold” rating to a “buy” rating in a research note on Wednesday, June 20th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $63.80.

The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 27.05 and a beta of 1.39.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, July 25th. The transportation company reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Forward Air had a net margin of 7.84% and a return on equity of 15.16%. The company had revenue of $330.30 million during the quarter, compared to analyst estimates of $314.08 million. During the same quarter last year, the firm posted $0.64 earnings per share. Forward Air’s revenue was up 16.3% compared to the same quarter last year. analysts predict that Forward Air Co. will post 3.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Thursday, August 23rd will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Wednesday, August 22nd. Forward Air’s payout ratio is 25.42%.

In other news, insider Matthew J. Jewell sold 6,232 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $60.04, for a total value of $374,169.28. Following the completion of the transaction, the insider now owns 44,169 shares of the company’s stock, valued at $2,651,906.76. 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 that occurred 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 approximately $1,887,739.20. The disclosure for this sale can be found here. In the last three months, insiders sold 52,137 shares of company stock valued at $3,237,131. Insiders own 1.95% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. NJ State Employees Deferred Compensation Plan grew its stake in shares of Forward Air by 10.0% in the 1st quarter. NJ State Employees Deferred Compensation Plan now owns 22,000 shares of the transportation company’s stock valued at $1,163,000 after buying an additional 2,000 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Forward Air in the 1st quarter valued at about $455,000. Comerica Bank grew its stake in shares of Forward Air by 20.7% in the 1st quarter. Comerica Bank now owns 60,802 shares of the transportation company’s stock valued at $3,306,000 after buying an additional 10,422 shares during the period. SG Americas Securities LLC grew its stake in shares of Forward Air by 11.9% in the 1st quarter. SG Americas Securities LLC now owns 11,537 shares of the transportation company’s stock valued at $610,000 after buying an additional 1,231 shares during the period. Finally, American Century Companies Inc. acquired a new stake in shares of Forward Air in the 1st quarter valued at about $1,134,000. 94.98% of the stock is owned by institutional investors and hedge funds.

About Forward Air (NASDAQ:FWRD)

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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