Q3 2022 EPS Estimates for Forward Air Co. (NASDAQ:FWRD) Lifted by KeyCorp

Forward Air Co. (NASDAQ:FWRD – Get Rating) – Equities research analysts at KeyCorp boosted their Q3 2022 earnings per share (EPS) estimates for Forward Air in a report issued on Thursday, April 28th. KeyCorp analyst T. Fowler now forecasts that the transportation company will post earnings of $1.60 per share for the quarter, up from their prior forecast of $1.46. KeyCorp also issued estimates for Forward Air’s Q4 2022 earnings at $1.69 EPS.

Forward Air (NASDAQ:FWRD – Get Rating) last released its earnings results on Wednesday, April 27th. The transportation company reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.41. Forward Air had a return on equity of 25.19% and a net margin of 7.77%. During the same period last year, the company earned $0.60 earnings per share.

FWRD has been the subject of a number of other reports. Susquehanna decreased their price objective on Forward Air from $143.00 to $133.00 in a report on Friday. Stifel Nicolaus raised Forward Air from a “hold” rating to a “buy” rating and raised their price objective for the stock from $122.00 to $136.00 in a research note on Thursday. Wolfe Research lowered Forward Air from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 6th. Susquehanna Bancshares reduced their target price on Forward Air from $143.00 to $133.00 in a report on Friday. Finally, StockNews.com lowered Forward Air from a “buy” rating to a “hold” rating in a report on Sunday, April 10th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $136.86.

Shares of FWRD opened at $96.97 on Monday. The company has a market capitalization of $2.60 billion, a P/E ratio of 19.32 and a beta of 1.23. Forward Air has a one year low of $80.56 and a one year high of $125.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.72 and a current ratio of 1.72. The stock has a 50-day moving average price of $97.07 and a 200 day moving average price of $103.44.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 14th. Shareholders of record on Thursday, May 26th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, May 25th. This represents a $0.96 annualized dividend and a yield of 0.99%. Forward Air’s dividend payout ratio (DPR) is presently 19.12%.

A number of large investors have recently modified their holdings of the business. Ancora Advisors LLC lifted its position in Forward Air by 1.5% during the 3rd quarter. Ancora Advisors LLC now owns 1,873,202 shares of the transportation company’s stock worth $155,513,000 after buying an additional 27,949 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in Forward Air by 31.7% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 1,277,549 shares of the transportation company’s stock worth $153,713,000 after buying an additional 307,392 shares in the last quarter. State Street Corp lifted its position in Forward Air by 0.9% during the 4th quarter. State Street Corp now owns 984,333 shares of the transportation company’s stock worth $119,193,000 after buying an additional 9,163 shares in the last quarter. Royce & Associates LP lifted its position in Forward Air by 45.7% during the 4th quarter. Royce & Associates LP now owns 677,647 shares of the transportation company’s stock worth $82,056,000 after buying an additional 212,495 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Forward Air by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 471,697 shares of the transportation company’s stock worth $57,117,000 after buying an additional 18,937 shares in the last quarter. 98.01% of the stock is currently owned by hedge funds and other institutional investors.

About Forward Air (Get Rating)

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 final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

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