Rhumbline Advisers cut its position in Forward Air Co. (NASDAQ:FWRD) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,326 shares of the transportation company’s stock after selling 2,553 shares during the quarter. Rhumbline Advisers’ holdings in Forward Air were worth $5,473,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Sun Life Financial INC bought a new position in shares of Forward Air during the second quarter worth about $142,000. Royal Bank of Canada raised its position in shares of Forward Air by 281.0% during the first quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock worth $159,000 after acquiring an additional 2,209 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of Forward Air during the third quarter worth about $205,000. Vident Investment Advisory LLC bought a new position in shares of Forward Air during the second quarter worth about $357,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Forward Air during the second quarter worth about $368,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.
In related news, Director George M. Lynch sold 1,965 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $60.52, for a total transaction of $118,921.80. Following the completion of the sale, the director now owns 9,972 shares of the company’s stock, valued at $603,505.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.95% of the company’s stock.
A number of equities analysts have recently issued reports on the company. ValuEngine downgraded Forward Air from a “buy” rating to a “hold” rating in a research report on Wednesday. BidaskClub upgraded Forward Air from a “hold” rating to a “buy” rating in a research report on Thursday, November 22nd. Stephens downgraded Forward Air from an “overweight” rating to an “equal” rating and lowered their price objective for the stock from $74.00 to $67.00 in a research report on Monday, October 29th. Deutsche Bank assumed coverage on Forward Air in a research report on Tuesday, September 4th. They set a “buy” rating and a $72.00 price objective for the company. Finally, Stifel Nicolaus set a $68.00 price objective on Forward Air and gave the stock a “hold” rating in a research report on Thursday, October 25th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Forward Air currently has a consensus rating of “Buy” and a consensus price target of $68.75.
NASDAQ FWRD opened at $61.72 on Friday. Forward Air Co. has a one year low of $51.00 and a one year high of $72.81. The company has a market cap of $1.80 billion, a P/E ratio of 21.76 and a beta of 1.53. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.07.
Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, October 24th. The transportation company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Forward Air had a return on equity of 15.63% and a net margin of 7.85%. The business had revenue of $331.38 million during the quarter, compared to analysts’ expectations of $327.81 million. As a group, research analysts predict that Forward Air Co. will post 3.02 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $0.72 annualized dividend and a yield of 1.17%. This is a boost from Forward Air’s previous quarterly dividend of $0.15. Forward Air’s dividend payout ratio (DPR) is currently 30.51%.
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About Forward Air
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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