Forward Air (NASDAQ:FWRD) Upgraded to Buy at Stifel Nicolaus

Forward Air (NASDAQ:FWRD - Get Free Report) was upgraded by equities research analysts at Stifel Nicolaus from a "hold" rating to a "buy" rating in a report released on Thursday, MarketBeat Ratings reports. The firm currently has a $29.00 price objective on the transportation company's stock, up from their prior price objective of $21.00. Stifel Nicolaus' price objective points to a potential upside of 15.31% from the company's previous close.

Several other equities research analysts also recently issued reports on FWRD. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Robert W. Baird reduced their price target on Forward Air from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Susquehanna lowered their price objective on Forward Air from $35.00 to $32.00 and set a "positive" rating for the company in a research note on Monday, March 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Forward Air Stock Up 3.7%

Shares of FWRD traded up $0.89 during midday trading on Thursday, reaching $25.15. 1,075,489 shares of the company were exchanged, compared to its average volume of 724,098. Forward Air has a 1-year low of $9.79 and a 1-year high of $40.92. The stock has a 50-day moving average price of $18.48 and a 200-day moving average price of $23.49. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 7.55. The company has a market cap of $765.06 million, a price-to-earnings ratio of -0.87 and a beta of 1.29.

Institutional Investors Weigh In On Forward Air

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Littlejohn & Co. LLC increased its holdings in Forward Air by 70.1% in the first quarter. Littlejohn & Co. LLC now owns 2,814,401 shares of the transportation company's stock valued at $56,541,000 after buying an additional 1,159,747 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Forward Air by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 2,050,268 shares of the transportation company's stock worth $41,190,000 after acquiring an additional 6,702 shares in the last quarter. Ancora Advisors LLC increased its holdings in shares of Forward Air by 28.9% in the 1st quarter. Ancora Advisors LLC now owns 1,230,390 shares of the transportation company's stock valued at $24,719,000 after acquiring an additional 275,500 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Forward Air by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 761,231 shares of the transportation company's stock valued at $15,293,000 after acquiring an additional 5,388 shares in the last quarter. Finally, Penn Capital Management Company LLC lifted its stake in Forward Air by 23.5% during the first quarter. Penn Capital Management Company LLC now owns 470,576 shares of the transportation company's stock worth $9,475,000 after purchasing an additional 89,629 shares during the last quarter. Institutional investors own 97.03% of the company's stock.

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.