Massachusetts Financial Services Co. MA Purchases 116,650 Shares of Forward Air Co. (NASDAQ:FWRD)

Massachusetts Financial Services Co. MA raised its position in shares of Forward Air Co. (NASDAQ:FWRD) by 320.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 153,107 shares of the transportation company’s stock after purchasing an additional 116,650 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Forward Air were worth $9,756,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cortina Asset Management LLC lifted its position in shares of Forward Air by 21.5% during the second quarter. Cortina Asset Management LLC now owns 92,876 shares of the transportation company’s stock worth $5,494,000 after acquiring an additional 16,423 shares in the last quarter. First National Bank of Omaha lifted its position in shares of Forward Air by 2.2% during the second quarter. First National Bank of Omaha now owns 33,247 shares of the transportation company’s stock worth $1,967,000 after acquiring an additional 705 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Forward Air by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 11,510 shares of the transportation company’s stock worth $681,000 after acquiring an additional 200 shares in the last quarter. Profit Investment Management LLC lifted its position in shares of Forward Air by 3.3% during the second quarter. Profit Investment Management LLC now owns 50,155 shares of the transportation company’s stock worth $2,967,000 after acquiring an additional 1,602 shares in the last quarter. Finally, CWM Advisors LLC lifted its position in shares of Forward Air by 11.9% during the second quarter. CWM Advisors LLC now owns 3,568 shares of the transportation company’s stock worth $211,000 after acquiring an additional 379 shares in the last quarter. 94.62% of the stock is owned by institutional investors and hedge funds.

Shares of FWRD stock opened at $69.71 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.54 and a current ratio of 1.54. Forward Air Co. has a 52-week low of $51.54 and a 52-week high of $72.09. The company has a market capitalization of $1.97 billion, a PE ratio of 22.34 and a beta of 1.54. The business’s fifty day moving average is $65.90 and its 200 day moving average is $61.80.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Thursday, October 24th. The transportation company reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. Forward Air had a return on equity of 17.06% and a net margin of 6.54%. The company had revenue of $361.70 million for the quarter, compared to the consensus estimate of $354.91 million. During the same quarter last year, the business posted $0.76 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts forecast that Forward Air Co. will post 3.23 EPS for the current fiscal year.

The firm also recently disclosed a dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. Forward Air’s dividend payout ratio (DPR) is presently 23.08%.

In related news, insider Glenn A. Adelaar sold 4,917 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $61.05, for a total value of $300,182.85. Following the sale, the insider now owns 41,177 shares in the company, valued at $2,513,855.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.04% of the company’s stock.

Several equities research analysts have issued reports on FWRD shares. Zacks Investment Research upgraded Forward Air from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Thursday, October 31st. BidaskClub upgraded Forward Air from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird set a $75.00 target price on Forward Air and gave the stock a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $76.67.

Forward Air Company Profile

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).

Further Reading: Stock Symbols and CUSIP Explained

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Institutional Ownership by Quarter for Forward Air (NASDAQ:FWRD)

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