Millennium Management LLC Increases Position in Forward Air Co. (FWRD)

Millennium Management LLC lifted its holdings in Forward Air Co. (NASDAQ:FWRD) by 22.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 173,348 shares of the transportation company’s stock after purchasing an additional 32,092 shares during the period. Millennium Management LLC’s holdings in Forward Air were worth $9,957,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Confluence Investment Management LLC grew its holdings in shares of Forward Air by 3.0% in the fourth quarter. Confluence Investment Management LLC now owns 79,894 shares of the transportation company’s stock valued at $4,589,000 after purchasing an additional 2,352 shares in the last quarter. GSA Capital Partners LLP lifted its stake in Forward Air by 78.0% in the third quarter. GSA Capital Partners LLP now owns 9,373 shares of the transportation company’s stock worth $536,000 after acquiring an additional 4,106 shares during the last quarter. Atlantic Trust Group LLC purchased a new position in Forward Air in the third quarter worth approximately $1,388,000. Pinebridge Investments L.P. lifted its stake in Forward Air by 180.7% in the fourth quarter. Pinebridge Investments L.P. now owns 10,555 shares of the transportation company’s stock worth $606,000 after acquiring an additional 6,795 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Forward Air by 7.0% in the third quarter. Wells Fargo & Company MN now owns 143,662 shares of the transportation company’s stock worth $8,222,000 after acquiring an additional 9,363 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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FWRD has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. BidaskClub downgraded shares of Forward Air from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. Robert W. Baird upgraded shares of Forward Air from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 18th. Finally, Stephens set a $74.00 price target on shares of Forward Air and gave the stock a “buy” rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $61.40.

Shares of Forward Air stock opened at $53.36 on Monday. Forward Air Co. has a 52-week low of $46.35 and a 52-week high of $64.80. The company has a quick ratio of 2.68, a current ratio of 2.71 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1,569.69, a P/E ratio of 22.61 and a beta of 1.25.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, February 7th. The transportation company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $306.10 million during the quarter, compared to the consensus estimate of $301.47 million. Forward Air had a net margin of 7.93% and a return on equity of 13.91%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 EPS. equities research analysts anticipate that Forward Air Co. will post 2.99 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Thursday, March 8th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $0.60 annualized dividend and a dividend yield of 1.12%. Forward Air’s dividend payout ratio is presently 25.42%.

In other news, Director George M. Lynch sold 2,443 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $55.47, for a total transaction of $135,513.21. Following the completion of the sale, the director now owns 9,940 shares in the company, valued at approximately $551,371.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by insiders.

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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).

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

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