Fintel reports that on July 19, 2023, Baird upgraded their outlook for Forward Air (NASDAQ:FWRD) from Neutral to Outperform .
Analyst Price Forecast Suggests 1.04% Downside
As of July 6, 2023, the average one-year price target for Forward Air is 116.62. The forecasts range from a low of 107.06 to a high of $130.20. The average price target represents a decrease of 1.04% from its latest reported closing price of 117.84.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Forward Air is 2,036MM, an increase of 5.30%. The projected annual non-GAAP EPS is 7.20.
Forward Air Declares $0.24 Dividend
On April 28, 2023 the company declared a regular quarterly dividend of $0.24 per share ($0.96 annualized). Shareholders of record as of May 25, 2023 received the payment on June 13, 2023. Previously, the company paid $0.24 per share.
At the current share price of $117.84 / share, the stock's dividend yield is 0.81%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.06%, the lowest has been 0.70%, and the highest has been 1.64%. The standard deviation of yields is 0.18 (n=236).
The current dividend yield is 1.34 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.13. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.33%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 602 funds or institutions reporting positions in Forward Air. This is a decrease of 1 owner(s) or 0.17% in the last quarter. Average portfolio weight of all funds dedicated to FWRD is 0.23%, a decrease of 19.10%. Total shares owned by institutions decreased in the last three months by 0.14% to 33,386K shares. 
The put/call ratio of FWRD is 0.98, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 1,940K shares representing 7.47% ownership of the company. In it's prior filing, the firm reported owning 1,970K shares, representing a decrease of 1.59%. The firm decreased its portfolio allocation in FWRD by 1.73% over the last quarter.
Neuberger Berman Group holds 1,518K shares representing 5.85% ownership of the company. In it's prior filing, the firm reported owning 1,375K shares, representing an increase of 9.40%. The firm increased its portfolio allocation in FWRD by 7.27% over the last quarter.
ArrowMark Colorado Holdings holds 1,229K shares representing 4.74% ownership of the company. In it's prior filing, the firm reported owning 1,193K shares, representing an increase of 3.00%. The firm increased its portfolio allocation in FWRD by 0.82% over the last quarter.
Silvercrest Asset Management Group holds 1,166K shares representing 4.49% ownership of the company. In it's prior filing, the firm reported owning 1,192K shares, representing a decrease of 2.17%. The firm decreased its portfolio allocation in FWRD by 0.68% over the last quarter.
Thrivent Financial For Lutherans holds 1,143K shares representing 4.40% ownership of the company. In it's prior filing, the firm reported owning 790K shares, representing an increase of 30.88%. The firm increased its portfolio allocation in FWRD by 139,768.49% over the last quarter.
Forward Air Background Information
(This description is provided by the company.)
Forward Air Corporation is a leading asset-light freight and logistics company. It provides LTL, final mile, truckload, intermodal drayage and pool distribution services across the United States and in Canada. Headquartered in Greeneville, Tennessee, Forward operates approximately 200 facilities across the country and employs more than 5,200 people nationwide. It is more than a transportation company. As a single resource for your shipping needs, Forward is your supply chain partner.
Additional reading:
- Forward Air Provides Mid-Quarter Update on Second Quarter 2023 Performance
- FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2023 RESULTS Net income per diluted share of $1.37 exceeds guidance range Record level quality of freight positions Forward well
- Forward Air Provides Mid-Quarter Update on First Quarter 2023 Performance
- Amended and Restated Bylaws of the registrant
- Subsidiaries of the registrant
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
