Air Canada Stock – Forward Air Co. (NASDAQ:FWRD) Short Interest Update
Forward Air Co. (NASDAQ:FWRD) was the recipient of a large drop in short interest in May. As of May 28th, there was short interest totalling 361,900 shares, a drop of 22.6% from the May 13th total of 467,700 shares. Based on an average daily volume of 123,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.3% of the shares of the stock are sold short.
Shares of NASDAQ FWRD traded up $0.22 during midday trading on Wednesday, hitting $93.69. The stock had a trading volume of 133,979 shares, compared to its average volume of 133,112. The company has a market cap of $2.56 billion, a P/E ratio of 99.67 and a beta of 1.16. Forward Air has a 1-year low of $46.23 and a 1-year high of $100.93. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $92.64.
Forward Air (NASDAQ:FWRD) last released its quarterly earnings data on Wednesday, April 28th. The transportation company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.16). The firm had revenue of $362.20 million during the quarter, compared to analyst estimates of $341.37 million. Forward Air had a net margin of 2.00% and a return on equity of 10.51%. On average, sell-side analysts anticipate that Forward Air will post 3.47 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, June 14th. Investors of record on Thursday, May 27th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend was Wednesday, May 26th. Forward Air’s dividend payout ratio (DPR) is presently 44.44%.
A number of analysts have issued reports on the company. Wolfe Research raised Forward Air from a “peer perform” rating to an “outperform” rating and set a $101.00 price target on the stock in a research note on Tuesday, February 16th. Raymond James raised Forward Air from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $100.00 to $120.00 in a research note on Monday, May 3rd. Finally, Zacks Investment Research raised Forward Air from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Tuesday. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $96.25.
In other Forward Air news, Director George M. Lynch sold 3,056 shares of the firm’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $98.69, for a total value of $301,596.64. Following the sale, the director now directly owns 9,455 shares of the company’s stock, valued at approximately $933,113.95. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kyle R. Mitchin sold 8,660 shares of the firm’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $97.13, for a total value of $841,145.80. Following the completion of the sale, the insider now directly owns 18,583 shares in the company, valued at $1,804,966.79. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,484 shares of company stock valued at $2,356,288. 1.39% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp lifted its position in Forward Air by 127.6% during the 1st quarter. Fifth Third Bancorp now owns 330 shares of the transportation company’s stock worth $29,000 after acquiring an additional 185 shares in the last quarter. Inspire Advisors LLC purchased a new stake in Forward Air during the 4th quarter worth approximately $27,000. Eaton Vance Management purchased a new stake in Forward Air during the 1st quarter worth approximately $32,000. Captrust Financial Advisors increased its holdings in Forward Air by 736.7% during the 1st quarter. Captrust Financial Advisors now owns 502 shares of the transportation company’s stock worth $45,000 after purchasing an additional 442 shares during the last quarter. Finally, Veriti Management LLC purchased a new stake in Forward Air during the 4th quarter worth approximately $93,000. 96.88% of the stock is currently owned by hedge funds and other institutional investors.
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. The company operates through 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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