Ameriprise Financial Inc. decreased its position in Forward Air Corp. (NASDAQ:FWRD) by 7.9% during the second quarter, Holdings Channel reports. The firm owned 207,442 shares of the company’s stock after selling 17,731 shares during the period. Ameriprise Financial Inc. owned approximately 0.69% of Forward Air Corp. worth $9,238,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Mesirow Financial Investment Management Equity Management bought a new position in shares of Forward Air Corp. during the second quarter worth about $22,845,000. RidgeWorth Capital Management LLC increased its position in shares of Forward Air Corp. by 2.0% in the second quarter. RidgeWorth Capital Management LLC now owns 1,073,400 shares of the company’s stock worth $48,292,000 after buying an additional 20,910 shares during the period. First Trust Advisors LP increased its position in shares of Forward Air Corp. by 108.5% in the second quarter. First Trust Advisors LP now owns 20,476 shares of the company’s stock worth $912,000 after buying an additional 10,654 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Forward Air Corp. during the second quarter worth about $341,000. Finally, Silver Capital Management LLC bought a new position in shares of Forward Air Corp. during the second quarter worth about $836,000. Institutional investors own 98.42% of the company’s stock.
Shares of Forward Air Corp. (NASDAQ:FWRD) traded up 0.46% during midday trading on Monday, reaching $43.46. The company’s stock had a trading volume of 43,117 shares. The company has a market capitalization of $1.31 billion, a P/E ratio of 31.98 and a beta of 1.30. Forward Air Corp. has a 12-month low of $36.00 and a 12-month high of $50.47. The company’s 50-day moving average price is $45.19 and its 200 day moving average price is $45.18.
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 analysts’ consensus estimates of $0.58 by $0.01. The business earned $238.60 million during the quarter, compared to the consensus estimate of $247.86 million. Forward Air Corp. had a return on equity of 14.41% and a net margin of 4.32%. On average, equities research analysts forecast that Forward Air Corp. will post $2.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Thursday, August 18th. Forward Air Corp.’s payout ratio is currently 35.56%.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Forward Air Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 26th. TheStreet downgraded Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 22nd. Cowen and Company lowered their price objective on 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. downgraded Forward Air Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $50.00.
In other news, VP Michael L. Hance sold 18,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $46.05, for a total value of $828,900.00. Following the completion of the transaction, the vice president now directly owns 18,646 shares in the company, valued at approximately $858,648.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rodney L. Bell sold 1,050 shares of the company’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $46.50, for a total value of $48,825.00. Following the completion of the transaction, the insider now owns 109,946 shares of the company’s stock, valued at $5,112,489. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
About Forward Air Corp.
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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