Stifel Nicolaus Has Lowered Expectations for Forward Air (NASDAQ:FWRD) Stock Price

Forward Air (NASDAQ:FWRD) had its target price cut by Stifel Nicolaus from $31.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 56.33% from the company’s current price.

Several other research firms have also recently issued reports on FWRD. Weiss Ratings reissued a “sell (e+)” rating on shares of Forward Air in a research note on Thursday, January 22nd. Susquehanna reaffirmed a “positive” rating and set a $42.00 price objective on shares of Forward Air in a research report on Tuesday, February 24th. Finally, Zacks Research cut Forward Air from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $36.00.

Forward Air Stock Up 0.8%

NASDAQ FWRD opened at $19.19 on Thursday. The company has a debt-to-equity ratio of 10.58, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market capitalization of $605.44 million, a PE ratio of -5.45 and a beta of 1.46. Forward Air has a 1 year low of $13.61 and a 1 year high of $32.47. The business’s 50-day moving average is $21.54 and its 200 day moving average is $23.12.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Monday, February 23rd. The transportation company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business had revenue of $631.23 million during the quarter, compared to the consensus estimate of $629.60 million. Forward Air had a negative return on equity of 42.67% and a negative net margin of 4.32%.The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.23) earnings per share. Sell-side analysts forecast that Forward Air will post -0.72 earnings per share for the current year.

Institutional Trading of Forward Air

Several large investors have recently bought and sold shares of FWRD. Melqart Asset Management UK Ltd boosted its position 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 valued at $21,247,000 after acquiring an additional 467,482 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Forward Air during the 3rd quarter valued at approximately $8,295,000. Vanguard Group Inc. lifted its holdings in shares of Forward Air by 15.1% during the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock valued at $60,347,000 after purchasing an additional 307,906 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Forward Air by 1,179.7% during the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock valued at $6,451,000 after purchasing an additional 296,001 shares during the last quarter. Finally, Rothschild Investment LLC lifted its holdings in shares of Forward Air by 337,481.3% during the third quarter. Rothschild Investment LLC now owns 270,065 shares of the transportation company’s stock valued at $6,924,000 after purchasing an additional 269,985 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

About Forward Air

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.