Forward Air (NASDAQ:FWRD) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Forward Air (NASDAQ:FWRD) from a hold rating to a sell rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Forward Air Corporation is a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market. Forward Air provides services within four business segments: Expedited LTL (provides expedited regional, inter-regional and national LTL services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals); Truckload Brokerage (provides expedited truckload brokerage, dedicated fleet services, as well as high-security and temperature-controlled logistics services); Intermodal (provides first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services); and Pool Distribution (provides high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region). “

Separately, BidaskClub upgraded Forward Air from a hold rating to a buy rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $70.00.

Shares of FWRD opened at $60.60 on Wednesday. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 19.42 and a beta of 1.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.41 and a current ratio of 1.41. The business’s fifty day moving average price is $62.18 and its two-hundred day moving average price is $61.48. Forward Air has a 52 week low of $51.54 and a 52 week high of $68.82.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Thursday, July 25th. The transportation company reported $0.78 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.04). The firm had revenue of $345.76 million during the quarter, compared to the consensus estimate of $348.07 million. Forward Air had a net margin of 6.70% and a return on equity of 17.18%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.82 earnings per share. As a group, research analysts forecast that Forward Air will post 3.2 EPS for the current year.

In related news, insider Glenn A. Adelaar sold 4,917 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $61.05, for a total value of $300,182.85. Following the completion of the sale, the insider now directly owns 41,177 shares in the company, valued at $2,513,855.85. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.04% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Envestnet Asset Management Inc. increased its holdings in shares of Forward Air by 3.1% during the second quarter. Envestnet Asset Management Inc. now owns 41,225 shares of the transportation company’s stock worth $2,438,000 after buying an additional 1,233 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Forward Air by 0.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 244,579 shares of the transportation company’s stock worth $14,467,000 after buying an additional 1,579 shares in the last quarter. Sun Life Financial INC increased its holdings in shares of Forward Air by 25.7% during the second quarter. Sun Life Financial INC now owns 4,108 shares of the transportation company’s stock worth $243,000 after buying an additional 841 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Forward Air during the second quarter worth $367,000. Finally, Pathstone Family Office LLC acquired a new position in shares of Forward Air during the second quarter worth $31,000. Institutional investors and hedge funds own 94.70% of the company’s stock.

Forward Air Company Profile

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 four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).

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