Raymond James & Associates reduced its stake in shares of Forward Air Co. (NASDAQ:FWRD) by 23.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 45,257 shares of the transportation company’s stock after selling 13,543 shares during the quarter. Raymond James & Associates’ holdings in Forward Air were worth $2,482,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of FWRD. Bank of Montreal Can increased its position in Forward Air by 13.2% during the 4th quarter. Bank of Montreal Can now owns 1,781 shares of the transportation company’s stock valued at $98,000 after purchasing an additional 208 shares during the period. Quantamental Technologies LLC purchased a new position in Forward Air during the 4th quarter valued at $99,000. Verition Fund Management LLC purchased a new position in Forward Air during the 3rd quarter valued at $219,000. Paloma Partners Management Co purchased a new position in Forward Air during the 3rd quarter valued at $271,000. Finally, PNC Financial Services Group Inc. increased its position in Forward Air by 10.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,102 shares of the transportation company’s stock valued at $280,000 after purchasing an additional 497 shares during the period. 96.25% of the stock is currently owned by institutional investors and hedge funds.
FWRD has been the topic of a number of research analyst reports. BidaskClub downgraded shares of Forward Air from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Zacks Investment Research downgraded shares of Forward Air from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Finally, ValuEngine downgraded shares of Forward Air from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Forward Air has an average rating of “Hold” and a consensus price target of $68.75.
NASDAQ:FWRD opened at $63.24 on Friday. The stock has a market capitalization of $1.78 billion, a PE ratio of 20.27 and a beta of 1.63. The company has a current ratio of 2.69, a quick ratio of 2.66 and a debt-to-equity ratio of 0.09. Forward Air Co. has a 1-year low of $51.00 and a 1-year high of $72.81.
Forward Air (NASDAQ:FWRD) last released its earnings results on Thursday, February 7th. The transportation company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.12. The firm had revenue of $356.60 million for the quarter, compared to the consensus estimate of $347.16 million. Forward Air had a net margin of 6.97% and a return on equity of 16.97%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 EPS. On average, analysts forecast that Forward Air Co. will post 3.41 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Thursday, March 7th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Wednesday, March 6th. Forward Air’s dividend payout ratio is presently 23.08%.
WARNING: “Forward Air Co. (FWRD) Shares Sold by Raymond James & Associates” was first posted by Ticker Report and is the sole property of of Ticker Report. If you are reading this news story on another website, it was illegally stolen and reposted in violation of US and international copyright laws. The legal version of this news story can be accessed at https://www.tickerreport.com/banking-finance/4240539/forward-air-co-fwrd-shares-sold-by-raymond-james-associates.html.
Forward Air 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).
Read More: What are gap-down stocks?
Want to see what other hedge funds are holding FWRD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Forward Air Co. (NASDAQ:FWRD).
Receive News & Ratings for Forward Air Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forward Air and related companies with MarketBeat.com's FREE daily email newsletter.