Forward Air Co. (FWRD) Shares Sold by Raymond James & Associates

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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.

In other news, Chairman Bruce A. Campbell sold 8,240 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $65.20, for a total value of $537,248.00. Following the sale, the chairman now directly owns 93,732 shares of the company’s stock, valued at approximately $6,111,326.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Bruce A. Campbell sold 18,208 shares of the company’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $66.05, for a total transaction of $1,202,638.40. Following the completion of the sale, the chairman now directly owns 120,088 shares in the company, valued at $7,931,812.40. The disclosure for this sale can be found here. Insiders sold a total of 43,087 shares of company stock worth $2,842,670 over the last ninety days. Insiders own 1.95% of the company’s stock.

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%.

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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).

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

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