Fmr LLC reduced its stake in shares of Forward Air Corporation (NASDAQ:FWRD) by 41.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,467 shares of the transportation company’s stock after selling 83,574 shares during the period. Fmr LLC owned 0.39% of Forward Air Corporation worth $6,259,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Forward Air Corporation by 0.6% during the second quarter. Vanguard Group Inc. now owns 2,694,979 shares of the transportation company’s stock valued at $143,589,000 after buying an additional 16,137 shares in the last quarter. Northern Trust Corp raised its holdings in Forward Air Corporation by 4.6% during the second quarter. Northern Trust Corp now owns 467,009 shares of the transportation company’s stock valued at $24,882,000 after buying an additional 20,421 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in Forward Air Corporation by 0.9% during the second quarter. Pinebridge Investments L.P. now owns 3,980 shares of the transportation company’s stock valued at $212,000 after buying an additional 36 shares in the last quarter. GSA Capital Partners LLP bought a new position in Forward Air Corporation during the second quarter valued at about $281,000. Finally, UBS Asset Management Americas Inc. raised its holdings in Forward Air Corporation by 144.3% during the second quarter. UBS Asset Management Americas Inc. now owns 15,391 shares of the transportation company’s stock valued at $820,000 after buying an additional 9,092 shares in the last quarter. Institutional investors own 96.20% of the company’s stock.
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In other Forward Air Corporation news, insider Michael P. Mclean sold 4,984 shares of the stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $54.82, for a total value of $273,222.88. Following the transaction, the insider now directly owns 13,401 shares of the company’s stock, valued at approximately $734,642.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is owned by corporate insiders.
A number of research firms have recently commented on FWRD. Zacks Investment Research lowered Forward Air Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Cowen and Company reiterated a “market perform” rating and issued a $54.00 price objective (up from $51.00) on shares of Forward Air Corporation in a research note on Monday. BidaskClub lowered Forward Air Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Stifel Nicolaus lifted their price objective on Forward Air Corporation from $47.00 to $52.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $60.00 price objective on shares of Forward Air Corporation in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Forward Air Corporation currently has an average rating of “Hold” and a consensus target price of $55.33.
Forward Air Corporation (NASDAQ:FWRD) last issued its earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.58. Forward Air Corporation had a net margin of 6.10% and a return on equity of 13.76%. The business had revenue of $280.20 million during the quarter, compared to the consensus estimate of $278.75 million. During the same period last year, the business posted $0.51 EPS. Forward Air Corporation’s revenue was up 12.3% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 23rd will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $0.60 annualized dividend and a yield of 1.04%. Forward Air Corporation’s dividend payout ratio is currently 28.17%.
Forward Air Corporation Company Profile
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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