Rhumbline Advisers raised its position in shares of Forward Air Co. (NASDAQ:FWRD) by 12.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 77,792 shares of the transportation company’s stock after buying an additional 8,722 shares during the quarter. Rhumbline Advisers’ holdings in Forward Air were worth $4,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its holdings in Forward Air by 219.2% during the fourth quarter. Arizona State Retirement System now owns 50,036 shares of the transportation company’s stock valued at $2,874,000 after acquiring an additional 34,363 shares during the period. Capital Fund Management S.A. bought a new stake in Forward Air during the fourth quarter valued at about $362,000. Pinebridge Investments L.P. boosted its holdings in Forward Air by 180.7% during the fourth quarter. Pinebridge Investments L.P. now owns 10,555 shares of the transportation company’s stock valued at $606,000 after acquiring an additional 6,795 shares during the period. First Trust Advisors LP boosted its holdings in Forward Air by 140.8% during the fourth quarter. First Trust Advisors LP now owns 14,009 shares of the transportation company’s stock valued at $805,000 after acquiring an additional 8,192 shares during the period. Finally, Swiss National Bank boosted its holdings in Forward Air by 3.6% during the fourth quarter. Swiss National Bank now owns 51,600 shares of the transportation company’s stock valued at $2,964,000 after acquiring an additional 1,800 shares during the period. Institutional investors own 98.39% of the company’s stock.
A number of research firms have issued reports on FWRD. Robert W. Baird upgraded shares of Forward Air from a “neutral” rating to an “outperform” rating in a report on Thursday, January 18th. BidaskClub upgraded shares of Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Zacks Investment Research upgraded shares of Forward Air from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Tuesday, January 9th. Finally, Stephens reiterated a “buy” rating and issued a $80.00 target price on shares of Forward Air in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $61.40.
Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, February 7th. The transportation company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.03. Forward Air had a net margin of 7.93% and a return on equity of 13.91%. The business had revenue of $306.10 million during the quarter, compared to analysts’ expectations of $301.47 million. During the same quarter last year, the company earned $0.58 earnings per share. The firm’s revenue was up 15.6% on a year-over-year basis. research analysts forecast that Forward Air Co. will post 3.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Thursday, March 8th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Wednesday, March 7th. Forward Air’s payout ratio is presently 20.76%.
In related news, Director George M. Lynch sold 2,443 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $55.47, for a total value of $135,513.21. Following the completion of the sale, the director now owns 9,940 shares in the company, valued at $551,371.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.40% of the stock is currently owned by company insiders.
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Forward Air Profile
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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