Forward Air Co. (NASDAQ:FWRD) Declares Dividend Increase – $0.21 Per Share

Forward Air Co. (NASDAQ:FWRD) declared a quarterly dividend on Tuesday, October 27th, Zacks reports. Investors of record on Wednesday, November 25th will be given a dividend of 0.21 per share by the transportation company on Thursday, December 10th. This represents a $0.84 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Tuesday, November 24th. This is an increase from Forward Air’s previous quarterly dividend of $0.18.

Forward Air has raised its dividend payment by 41.2% over the last three years and has increased its dividend annually for the last 1 consecutive years. Forward Air has a dividend payout ratio of 42.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Forward Air to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 29.2%.

NASDAQ:FWRD opened at $74.47 on Friday. The firm’s 50-day moving average is $64.69 and its 200-day moving average is $55.34. Forward Air has a 52-week low of $39.59 and a 52-week high of $75.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.68 and a current ratio of 1.50. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 40.04 and a beta of 1.13.

Forward Air (NASDAQ:FWRD) last posted its quarterly earnings data on Tuesday, November 3rd. The transportation company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.17. Forward Air had a net margin of 3.91% and a return on equity of 10.39%. The company had revenue of $331.99 million for the quarter, compared to the consensus estimate of $327.50 million. During the same quarter in the previous year, the firm posted $0.78 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. Equities analysts predict that Forward Air will post 2.07 EPS for the current year.

In other news, insider Kyle R. Mitchin sold 4,793 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $59.76, for a total transaction of $286,429.68. 1.50% of the stock is currently owned by corporate insiders.

Several research analysts have recently issued reports on FWRD shares. BidaskClub upgraded shares of Forward Air from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 7th. Raymond James upped their target price on shares of Forward Air from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, November 2nd. TheStreet raised shares of Forward Air from a “c+” rating to a “b” rating in a research note on Thursday, September 10th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a research note on Friday, October 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Forward Air from $58.00 to $61.00 and gave the stock a “hold” rating in a research note on Monday, November 2nd. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $66.60.

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 three segments: Expedited Freight, Intermodal, and Pool Distribution. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

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Dividend History for Forward Air (NASDAQ:FWRD)

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