Forward Air (NASDAQ:FWRD) Sets New 1-Year Low at $85.49

Posted by Defense World Staff on Aug 13th, 2023

Forward Air Co. (NASDAQ:FWRD – Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $85.49 and last traded at $86.77, with a volume of 147342 shares changing hands. The stock had previously closed at $104.02.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. StockNews.com started coverage on shares of Forward Air in a research report on Thursday, May 18th. They set a “hold” rating for the company. Wolfe Research cut Forward Air from a “peer perform” rating to an “underperform” rating and set a $80.00 price objective on the stock. in a research note on Friday. Robert W. Baird upgraded Forward Air from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $106.00 to $130.00 in a research note on Wednesday, July 19th. Stifel Nicolaus cut Forward Air from a “buy” rating to a “hold” rating and lowered their target price for the stock from $127.00 to $103.00 in a research note on Friday. Finally, Susquehanna lowered their target price on Forward Air from $138.00 to $125.00 in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $114.86.

View Our Latest Analysis on Forward Air

Forward Air Trading Down 25.4 %

The firm has a fifty day moving average of $107.82 and a two-hundred day moving average of $105.28. The company has a market cap of $2.00 billion, a PE ratio of 13.72 and a beta of 1.13. The company has a current ratio of 1.28, a quick ratio of 1.56 and a debt-to-equity ratio of 0.21.

Forward Air (NASDAQ:FWRD – Get Free Report) last posted its earnings results on Thursday, August 3rd. The transportation company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.37). The company had revenue of $402.18 million for the quarter, compared to analysts’ expectations of $444.15 million. Forward Air had a net margin of 8.32% and a return on equity of 22.82%. The firm’s quarterly revenue was down 21.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.04 EPS. As a group, sell-side analysts predict that Forward Air Co. will post 4.84 EPS for the current year.

Forward Air Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Wednesday, August 16th. Forward Air’s payout ratio is 16.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC bought a new stake in Forward Air in the 1st quarter worth approximately $641,000. Exchange Traded Concepts LLC bought a new position in shares of Forward Air during the first quarter valued at $35,000. Lazard Asset Management LLC bought a new position in shares of Forward Air during the first quarter valued at $45,000. CWM LLC lifted its holdings in Forward Air by 45.5% in the fourth quarter. CWM LLC now owns 480 shares of the transportation company’s stock valued at $50,000 after acquiring an additional 150 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its holdings in Forward Air by 39.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 653 shares of the transportation company’s stock valued at $68,000 after acquiring an additional 185 shares during the period. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Forward Air Company Profile

(Get Free Report)

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. 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.