Forward Air Co. (NASDAQ:FWRD) Receives $118.20 Average Target Price from Brokerages

Posted by on May 23rd, 2023

Shares of Forward Air Co. (NASDAQ:FWRD – Get Rating) have been assigned a consensus rating of “Hold” from the seven analysts that are covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $118.20.

Several research firms have issued reports on FWRD. Susquehanna lowered their target price on shares of Forward Air from $138.00 to $125.00 in a research note on Wednesday, May 3rd. Stifel Nicolaus dropped their target price on shares of Forward Air from $123.00 to $116.00 in a report on Wednesday, May 10th. Raymond James reduced their price objective on Forward Air from $128.00 to $115.00 in a research report on Wednesday, May 3rd. Stephens reissued an “overweight” rating and issued a $125.00 target price on shares of Forward Air in a research report on Wednesday, March 8th. Finally, StockNews.com initiated coverage on shares of Forward Air in a research report on Thursday, May 18th. They set a “hold” rating for the company.

Forward Air Trading Down 0.2 %

Shares of NASDAQ FWRD opened at $98.32 on Friday. The firm’s 50 day moving average price is $103.36 and its 200-day moving average price is $105.45. Forward Air has a 52-week low of $84.04 and a 52-week high of $117.57. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market cap of $2.55 billion, a PE ratio of 14.17 and a beta of 1.13.

Forward Air (NASDAQ:FWRD – Get Rating) last issued its earnings results on Monday, May 1st. The transportation company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.30 by $0.07. Forward Air had a return on equity of 27.50% and a net margin of 9.66%. The business had revenue of $427.07 million for the quarter, compared to the consensus estimate of $460.54 million. During the same period last year, the business posted $1.57 EPS. The company’s revenue was down 8.5% compared to the same quarter last year. On average, equities research analysts expect that Forward Air will post 5.92 EPS for the current fiscal year.

Forward Air Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 13th. Stockholders of record on Thursday, May 25th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Wednesday, May 24th. Forward Air’s dividend payout ratio (DPR) is currently 13.83%.

Hedge Funds Weigh In On Forward Air

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Forward Air by 2.8% in the third quarter. BlackRock Inc. now owns 4,167,575 shares of the transportation company’s stock worth $376,165,000 after acquiring an additional 113,938 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Forward Air by 0.9% in the third quarter. Vanguard Group Inc. now owns 2,934,717 shares of the transportation company’s stock worth $264,887,000 after buying an additional 25,141 shares in the last quarter. Ancora Advisors LLC grew its stake in Forward Air by 18.2% during the first quarter. Ancora Advisors LLC now owns 1,753,799 shares of the transportation company’s stock valued at $155,754,000 after acquiring an additional 269,446 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Forward Air by 10.4% during the first quarter. Neuberger Berman Group LLC now owns 1,518,110 shares of the transportation company’s stock valued at $163,592,000 after acquiring an additional 142,750 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its holdings in Forward Air by 3.1% in the 1st quarter. ArrowMark Colorado Holdings LLC now owns 1,229,373 shares of the transportation company’s stock valued at $132,477,000 after acquiring an additional 36,829 shares during the last quarter. 99.28% of the stock is currently owned by institutional investors.

Forward Air Company Profile

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Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. It operates through the following segments: Expedited LTL and Intermodal. The Expedited LTL segment provides expedited regional, inter-regional and national LTL, final mile and truckload services.

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