Brokerages Set Forward Air Corporation (NASDAQ:FWRD) Price Target at $35.00

Key Points

• Forward Air Corporation (NASDAQ:FWRD) has received a consensus rating of “Moderate Buy” from five research firms, with an average 12-month price target of $35.00.
• Recently, Wall Street Zen upgraded the stock from "sell" to "hold," while Stifel Nicolaus increased their price target to $33.00 and maintained a "buy" rating.
• Institutional investors own 97.03% of Forward Air's stock, with recent purchases from firms such as Raymond James Financial and American Century Companies.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the five research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $35.00.

FWRD has been the subject of several recent analyst reports. Wall Street Zen upgraded Forward Air from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Stifel Nicolaus upped their price objective on Forward Air from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th.

Forward Air Trading Down 1.8%

Shares of Forward Air stock traded down $0.55 during trading hours on Monday, hitting $30.24. The company's stock had a trading volume of 192,595 shares, compared to its average volume of 657,324. Forward Air has a 12 month low of $9.78 and a 12 month high of $40.92. The stock has a 50 day moving average of $23.64 and a 200 day moving average of $22.94. The company has a market capitalization of $919.84 million, a PE ratio of -1.04 and a beta of 1.41. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.13 and a quick ratio of 1.13.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Sterling Capital Management LLC boosted its position in Forward Air by 812.5% during the fourth quarter. Sterling Capital Management LLC now owns 803 shares of the transportation company's stock valued at $26,000 after purchasing an additional 715 shares during the last quarter. Byrne Asset Management LLC lifted its position in shares of Forward Air by 81.3% in the first quarter. Byrne Asset Management LLC now owns 1,940 shares of the transportation company's stock valued at $39,000 after buying an additional 870 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Forward Air in the fourth quarter valued at approximately $72,000. GAMMA Investing LLC lifted its position in shares of Forward Air by 34.1% in the second quarter. GAMMA Investing LLC now owns 3,105 shares of the transportation company's stock valued at $76,000 after buying an additional 790 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new position in shares of Forward Air during the fourth quarter worth approximately $138,000. 97.03% of the stock is owned by institutional investors and hedge funds.

About Forward Air

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 shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.