Fintel reports that on October 4, 2023, Susquehanna maintained coverage of Forward Air (NASDAQ:FWRD) with a Positive recommendation.
Analyst Price Forecast Suggests 23.72% Upside
As of October 5, 2023, the average one-year price target for Forward Air is 87.72. The forecasts range from a low of 80.80 to a high of $108.15. The average price target represents an increase of 23.72% from its latest reported closing price of 70.90.
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The projected annual revenue for Forward Air is 2,036MM, an increase of 11.84%. The projected annual non-GAAP EPS is 7.20.
Forward Air Declares $0.24 Dividend
On July 25, 2023 the company declared a regular quarterly dividend of $0.24 per share ($0.96 annualized). Shareholders of record as of August 17, 2023 received the payment on September 7, 2023. Previously, the company paid $0.24 per share.
At the current share price of $70.90 / share, the stock's dividend yield is 1.35%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.07%, the lowest has been 0.70%, and the highest has been 1.64%. The standard deviation of yields is 0.19 (n=236).
The current dividend yield is 1.47 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.16. 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 575 funds or institutions reporting positions in Forward Air. This is a decrease of 21 owner(s) or 3.52% in the last quarter. Average portfolio weight of all funds dedicated to FWRD is 0.21%, a decrease of 9.85%. Total shares owned by institutions decreased in the last three months by 2.98% to 32,451K shares. 
The put/call ratio of FWRD is 1.60, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 1,822K shares representing 7.09% ownership of the company. In it's prior filing, the firm reported owning 1,940K shares, representing a decrease of 6.48%. The firm decreased its portfolio allocation in FWRD by 10.44% over the last quarter.
Thrivent Financial For Lutherans holds 1,581K shares representing 6.15% ownership of the company. In it's prior filing, the firm reported owning 1,143K shares, representing an increase of 27.71%. The firm increased its portfolio allocation in FWRD by 192.99% over the last quarter.
Neuberger Berman Group holds 1,473K shares representing 5.74% ownership of the company. In it's prior filing, the firm reported owning 1,518K shares, representing a decrease of 3.04%. The firm decreased its portfolio allocation in FWRD by 7.85% over the last quarter.
Silvercrest Asset Management Group holds 1,196K shares representing 4.65% ownership of the company. In it's prior filing, the firm reported owning 1,166K shares, representing an increase of 2.43%. The firm decreased its portfolio allocation in FWRD by 5.18% over the last quarter.
Clearbridge Investments holds 989K shares representing 3.85% ownership of the company. In it's prior filing, the firm reported owning 985K shares, representing an increase of 0.34%. The firm decreased its portfolio allocation in FWRD by 6.69% 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.
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