Connor Clark & Lunn Investment Management Ltd. bought a new stake in Forward Air Co. (NASDAQ:FWRD) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,025 shares of the transportation company’s stock, valued at approximately $238,000.
Other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC boosted its holdings in Forward Air by 70.8% in the second quarter. Advisory Services Network LLC now owns 683 shares of the transportation company’s stock valued at $41,000 after acquiring an additional 283 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Forward Air in the second quarter valued at approximately $47,000. Wesbanco Bank Inc. acquired a new position in Forward Air in the first quarter valued at approximately $207,000. Parametrica Management Ltd acquired a new position in Forward Air in the first quarter valued at approximately $220,000. Finally, Advisor Group Inc. lifted its stake in Forward Air by 5.0% in the second quarter. Advisor Group Inc. now owns 3,412 shares of the transportation company’s stock valued at $201,000 after buying an additional 164 shares during the period. Hedge funds and other institutional investors own 94.28% of the company’s stock.
FWRD has been the topic of a number of research reports. BidaskClub raised Forward Air from a “hold” rating to a “buy” rating in a research report on Tuesday, July 30th. Zacks Investment Research raised Forward Air from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $70.00.
NASDAQ:FWRD traded up $0.18 during trading on Friday, reaching $64.49. The company’s stock had a trading volume of 10,031 shares, compared to its average volume of 132,617. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 20.68 and a beta of 1.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a 50 day moving average of $61.28 and a 200-day moving average of $61.56. Forward Air Co. has a 12 month low of $51.54 and a 12 month high of $72.81.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Thursday, July 25th. The transportation company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.04). The business had revenue of $345.76 million during the quarter, compared to the consensus estimate of $348.07 million. Forward Air had a net margin of 6.70% and a return on equity of 17.18%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. Equities research analysts forecast that Forward Air Co. will post 3.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, August 21st. This represents a $0.72 annualized dividend and a dividend yield of 1.12%. Forward Air’s payout ratio is 23.08%.
In other news, insider Glenn A. Adelaar sold 4,917 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $61.05, for a total transaction of $300,182.85. Following the completion of the transaction, the insider now owns 41,177 shares in the company, valued at approximately $2,513,855.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.04% of the stock is currently owned by corporate insiders.
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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