Forward Air Corporation (NASDAQ:FWRD) Receives Average Recommendation of “Hold” from Brokerages

Shares of Forward Air Corporation (NASDAQ:FWRD) have been given an average recommendation of “Hold” by the six brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $35.00.

FWRD has been the subject of a number of research reports. Susquehanna upped their price objective on Forward Air from $42.00 to $45.00 and gave the company a “positive” rating in a research report on Monday, January 5th. Zacks Research lowered shares of Forward Air from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Stifel Nicolaus raised their price objective on shares of Forward Air from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Forward Air in a research report on Thursday, November 6th.

Forward Air Trading Down 8.7%

NASDAQ:FWRD opened at $27.12 on Friday. The company has a market cap of $847.50 million, a PE ratio of -7.04 and a beta of 1.35. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 8.73. The company has a 50 day simple moving average of $26.95 and a two-hundred day simple moving average of $25.86. Forward Air has a 12 month low of $9.78 and a 12 month high of $32.47.

Institutional Investors Weigh In On Forward Air

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Melqart Asset Management UK Ltd purchased a new position in shares of Forward Air in the third quarter valued at about $9,805,000. Allianz Asset Management GmbH bought a new position in Forward Air in the 3rd quarter valued at $8,295,000. Vanguard Group Inc. increased its stake in Forward Air by 15.1% in the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock worth $60,347,000 after purchasing an additional 307,906 shares during the period. Royal Bank of Canada increased its stake in Forward Air by 1,179.7% in the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after purchasing an additional 296,001 shares during the period. Finally, Rothschild Investment LLC lifted its position in shares of Forward Air by 337,481.3% during the third quarter. Rothschild Investment LLC now owns 270,065 shares of the transportation company’s stock worth $6,924,000 after purchasing an additional 269,985 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.