Forward Air (NASDAQ:FWRD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The brokerage currently has a $78.00 price target on the transportation company’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.44% from the company’s previous close.
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). “
A number of other research analysts also recently weighed in on the company. Robert W. Baird set a $75.00 price target on Forward Air and gave the company a “buy” rating in a research note on Friday, October 25th. BidaskClub raised Forward Air from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Forward Air presently has a consensus rating of “Buy” and an average target price of $76.00.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Thursday, October 24th. The transportation company reported $0.78 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. Forward Air had a net margin of 6.54% and a return on equity of 17.06%. The business had revenue of $361.70 million for the quarter, compared to analyst estimates of $354.91 million. During the same period in the prior year, the business posted $0.76 earnings per share. Forward Air’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts anticipate that Forward Air will post 3.22 earnings per share for the current year.
Several large investors have recently made changes to their positions in FWRD. Nuveen Asset Management LLC bought a new position in Forward Air during the 2nd quarter worth approximately $22,041,000. Balyasny Asset Management LLC raised its holdings in Forward Air by 491.8% in the second quarter. Balyasny Asset Management LLC now owns 141,655 shares of the transportation company’s stock worth $8,379,000 after purchasing an additional 117,720 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Forward Air by 320.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 153,107 shares of the transportation company’s stock worth $9,756,000 after purchasing an additional 116,650 shares in the last quarter. Morgan Stanley boosted its position in shares of Forward Air by 304.4% during the second quarter. Morgan Stanley now owns 139,873 shares of the transportation company’s stock worth $8,273,000 after purchasing an additional 105,284 shares in the last quarter. Finally, Scout Investments Inc. acquired a new position in shares of Forward Air in the 3rd quarter valued at $5,990,000. Institutional investors and hedge funds own 95.75% 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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