PineBridge Investments L.P. raised its stake in shares of Forward Air Corp. (NASDAQ:FWRD) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,861 shares of the company’s stock after buying an additional 129 shares during the period. PineBridge Investments L.P.’s holdings in Forward Air Corp. were worth $172,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of FWRD. Bank of Montreal Can purchased a new position in shares of Forward Air Corp. during the second quarter worth about $109,000. Teacher Retirement System of Texas increased its position 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 in the last quarter. Rothschild Asset Management Inc. purchased a new position in shares of Forward Air Corp. during the second quarter worth about $298,000. Emerald Acquisition Ltd. purchased a new position in shares of Forward Air Corp. during the second quarter worth about $341,000. Finally, OLD National Bancorp IN increased its position in shares of Forward Air Corp. by 7.0% in the second quarter. OLD National Bancorp IN now owns 8,181 shares of the company’s stock worth $364,000 after buying an additional 537 shares in the last quarter. 98.42% of the stock is owned by institutional investors and hedge funds.
Shares of Forward Air Corp. (NASDAQ:FWRD) opened at 42.88 on Friday. The firm has a market cap of $1.30 billion, a PE ratio of 31.55 and a beta of 1.29. The firm’s 50-day moving average is $45.27 and its 200-day moving average is $45.18. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47.
Forward Air Corp. (NASDAQ:FWRD) last announced its earnings results on Thursday, July 21st. The company reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. The firm had revenue of $238.60 million for the quarter, compared to the consensus estimate of $247.86 million. Equities analysts expect that Forward Air Corp. will post $2.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were given a $0.12 dividend. The ex-dividend date was Thursday, August 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.13%. Forward Air Corp.’s dividend payout ratio (DPR) is 35.56%.
A number of research analysts recently issued reports on FWRD shares. Cowen and Company decreased their price target on shares of Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating for the company in a research note on Tuesday, September 20th. Zacks Investment Research downgraded shares of Forward Air Corp. from a “hold” rating to a “sell” rating in a research note on Monday. TheStreet downgraded shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 22nd. Finally, BB&T Corp. downgraded shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.00.
In other Forward Air Corp. news, Chairman Bruce A. Campbell sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $46.50, for a total transaction of $3,720,000.00. Following the completion of the sale, the chairman now directly owns 260,137 shares in the company, valued at approximately $12,096,370.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michael P. Mclean sold 14,779 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $46.01, for a total value of $679,981.79. Following the sale, the chief accounting officer now owns 32,228 shares of the company’s stock, valued at $1,482,810.28. The disclosure for this sale can be found here. 3.35% of the stock is 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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