Forward Air (NASDAQ:FWRD) Cut to Strong Sell at Zacks Research

Forward Air (NASDAQ:FWRD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

FWRD has been the subject of a number of other reports. Susquehanna boosted their price target on Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a report on Monday, January 5th. Jefferies Financial Group reissued a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Stifel Nicolaus reduced their target price on shares of Forward Air from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Wall Street Zen cut shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Forward Air in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Forward Air has a consensus rating of “Hold” and an average price target of $34.33.

Forward Air Stock Performance

NASDAQ:FWRD opened at $28.23 on Tuesday. Forward Air has a twelve month low of $9.78 and a twelve month high of $35.47. The company has a market capitalization of $882.13 million, a P/E ratio of -7.33 and a beta of 1.35. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 8.73. The firm has a 50-day moving average price of $24.23 and a two-hundred day moving average price of $25.70.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, November 5th. The transportation company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.39). Forward Air had a negative return on equity of 33.13% and a negative net margin of 4.64%.The business had revenue of $631.76 million for the quarter, compared to analysts’ expectations of $645.45 million. During the same period last year, the business earned ($2.62) earnings per share. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, research analysts expect that Forward Air will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forward Air

Large investors have recently bought and sold shares of the stock. Clear Harbor Asset Management LLC purchased a new position in shares of Forward Air in the 3rd quarter worth $1,091,000. Private Management Group Inc. raised its holdings in shares of Forward Air by 8.7% in the 2nd quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company’s stock worth $25,674,000 after purchasing an additional 83,600 shares during the period. Jefferies Financial Group Inc. grew its holdings in shares of Forward Air by 7.0% during the 2nd quarter. Jefferies Financial Group Inc. now owns 384,634 shares of the transportation company’s stock worth $9,439,000 after purchasing an additional 25,283 shares during the period. Caxton Associates LLP raised its holdings in Forward Air by 124.2% in the second quarter. Caxton Associates LLP now owns 107,113 shares of the transportation company’s stock valued at $2,629,000 after buying an additional 59,345 shares during the period. Finally, First Citizens Bank & Trust Co. acquired a new position in Forward Air during the second quarter valued at approximately $371,000. Hedge funds and other institutional investors 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.