BlackRock Advisors LLC increased its stake in shares of Forward Air Corp. (NASDAQ:FWRD) by 19.8% during the second quarter, Holdings Channel reports. The institutional investor owned 154,334 shares of the company’s stock after buying an additional 25,504 shares during the period. BlackRock Advisors LLC owned approximately 0.51% of Forward Air Corp. worth $6,872,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in FWRD. Bank of Montreal Can acquired a new stake in shares of Forward Air Corp. during the second quarter worth $109,000. Tower Research Capital LLC TRC acquired a new stake in shares of Forward Air Corp. during the second quarter worth $134,000. PineBridge Investments L.P. boosted its stake in shares of Forward Air Corp. by 3.5% in the second quarter. PineBridge Investments L.P. now owns 3,861 shares of the company’s stock worth $172,000 after buying an additional 129 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Forward Air Corp. by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 4,313 shares of the company’s stock worth $192,000 after buying an additional 517 shares during the period. Finally, Rothschild Asset Management Inc. acquired a new stake in shares of Forward Air Corp. during the second quarter worth $298,000. 98.42% of the stock is owned by institutional investors.
Shares of Forward Air Corp. (NASDAQ:FWRD) opened at 42.75 on Friday. The company’s 50-day moving average is $44.55 and its 200 day moving average is $45.12. Forward Air Corp. has a 1-year low of $36.00 and a 1-year high of $50.47. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 31.46 and a beta of 1.29.
Forward Air Corp. (NASDAQ:FWRD) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.01. The business had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. On average, equities research analysts expect that Forward Air Corp. will post $2.19 EPS for the current fiscal year.
A number of research firms have weighed in on FWRD. Zacks Investment Research cut shares of Forward Air Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 26th. TheStreet cut shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 22nd. Cowen and Company decreased their price objective on shares of Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Tuesday, September 20th. Finally, BB&T Corp. lowered shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $50.00.
In other Forward Air Corp. news, CAO Michael P. Mclean sold 14,779 shares of the firm’s stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $46.01, for a total value of $679,981.79. Following the sale, the chief accounting officer now directly owns 32,228 shares in the company, valued at approximately $1,482,810.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rodney L. Bell sold 1,200 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $47.01, for a total transaction of $56,412.00. Following the completion of the sale, the insider now owns 91,461 shares in the company, valued at $4,299,581.61. The disclosure for this sale can be found here. 3.35% of the stock is currently owned by corporate insiders.
Forward Air Corp. Company Profile
Forward Air Corporation offers services, which are classified into three segments: Forward Air, Forward Air Solutions (FASI) and Total Quality (TQI). The Company, through its three segments, offers a range of logistic and other services, including expedited full truckload (TLX), pick-up and delivery (Forward Air Complete), pool distribution, temperature-controlled truckload, warehousing, customs brokerage and shipment consolidation and handling.
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