Forward Air (NASDAQ:FWRD) Stock Price Down 4.7% - Here's Why

Key Points

• Forward Air shares fell 4.7% to about $17.48, while trading volume was 72% below its average; the article did not identify a specific catalyst for the decline.
• Recent analyst views were mixed, but the consensus remained “Moderate Buy” with a $26.50 target price. Stifel raised its target to $28, while Susquehanna cut its target to $25.
• In its latest reported quarter, Forward Air posted EPS of $0.34, beating the $0.13 consensus estimate; revenue of $673.86 million was also slightly above expectations.

Forward Air Corporation (NASDAQ:FWRD - Get Free Report)'s stock price traded down 4.7% on Wednesday. The company traded as low as $17.58 and last traded at $17.4750. Approximately 230,317 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 819,258 shares. The stock had previously closed at $18.33.

Analyst Ratings Changes

Several brokerages recently issued reports on FWRD. Stifel Nicolaus reissued a "buy" rating and set a $28.00 target price (up from $27.00) on shares of Forward Air in a report on Tuesday. Zacks Research raised shares of Forward Air from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 29th. Weiss Ratings raised Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 8th. Wall Street Zen upgraded Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Susquehanna reduced their price objective on Forward Air from $29.00 to $25.00 and set a "positive" rating for the company in a research note on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.50.

Forward Air Trading Down 5.0%

The firm has a market cap of $550.41 million, a PE ratio of -2.17 and a beta of 1.31. The company has a 50-day simple moving average of $16.09 and a 200 day simple moving average of $17.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98.

Forward Air (NASDAQ:FWRD - Get Free Report) last posted its earnings results on Monday, November 9th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.21. The firm had revenue of $673.86 million during the quarter, compared to analysts' expectations of $673.40 million. Forward Air had a negative net margin of 10.10% and a positive return on equity of 19.03%. As a group, sell-side analysts forecast that Forward Air Corporation will post -2.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forward Air

A number of institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in Forward Air in the 2nd quarter worth about $28,000. Principal Financial Group Inc. increased its position in shares of Forward Air by 2.2% in the first quarter. Principal Financial Group Inc. now owns 108,143 shares of the transportation company's stock valued at $1,807,000 after buying an additional 2,302 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Forward Air by 25.0% in the first quarter. Quantinno Capital Management LP now owns 20,758 shares of the transportation company's stock valued at $347,000 after buying an additional 4,155 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of Forward Air in the second quarter valued at approximately $57,000. Finally, Fifth Third Bancorp raised its stake in shares of Forward Air by 2,397.7% during the 1st quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company's stock worth $92,000 after buying an additional 5,275 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Forward Air Company Profile

Forward Air Corporation is a transportation and logistics company that specializes in expedited freight and time-sensitive shipments. Its services include less-than-truckload transportation, truckload services, intermodal drayage, freight forwarding and other logistics solutions. The company's ground transportation network connects major North American markets and includes services supporting air cargo shipments. Following its acquisition of Omni Logistics, Forward Air also offers international freight forwarding, customs brokerage and related supply-chain services.

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