PNC Financial Services Group Inc. Cuts Stake in Forward Air Co. (NASDAQ:FWRD)

PNC Financial Services Group Inc. decreased its stake in Forward Air Co. (NASDAQ:FWRD) by 50.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,528 shares of the transportation company’s stock after selling 2,552 shares during the period. PNC Financial Services Group Inc.’s holdings in Forward Air were worth $159,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Illinois Municipal Retirement Fund lifted its position in Forward Air by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 15,070 shares of the transportation company’s stock worth $947,000 after acquiring an additional 236 shares in the last quarter. Equitable Trust Co. lifted its position in shares of Forward Air by 7.0% during the fourth quarter. Equitable Trust Co. now owns 4,205 shares of the transportation company’s stock worth $264,000 after purchasing an additional 276 shares in the last quarter. Donoghue Forlines LLC boosted its stake in shares of Forward Air by 18.5% in the fourth quarter. Donoghue Forlines LLC now owns 4,639 shares of the transportation company’s stock valued at $292,000 after purchasing an additional 724 shares during the period. Headlands Technologies LLC purchased a new position in shares of Forward Air in the fourth quarter valued at $52,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Forward Air by 24.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,415 shares of the transportation company’s stock valued at $340,000 after purchasing an additional 1,072 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

FWRD has been the subject of a number of analyst reports. StockNews.com cut shares of Forward Air from a “hold” rating to a “sell” rating in a research report on Monday, March 18th. Benchmark reissued a “hold” rating on shares of Forward Air in a report on Wednesday, April 24th. Robert W. Baird raised their price objective on Forward Air from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Wolfe Research raised Forward Air from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.86.

Forward Air Stock Performance

Shares of NASDAQ FWRD opened at $19.45 on Thursday. The stock has a market capitalization of $514.26 million, a P/E ratio of 5.69 and a beta of 1.00. The firm’s 50-day moving average price is $18.43 and its two-hundred day moving average price is $33.42. Forward Air Co. has a 52-week low of $11.21 and a 52-week high of $121.38. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.27.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, May 8th. The transportation company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.49). The company had revenue of $541.81 million during the quarter, compared to the consensus estimate of $644.00 million. Forward Air had a return on equity of 5.37% and a net margin of 4.08%. During the same period last year, the business posted $1.37 EPS. As a group, sell-side analysts forecast that Forward Air Co. will post -0.46 earnings per share for the current year.

Forward Air Profile

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.