Rhumbline Advisers Raises Stake in Forward Air Co. (NASDAQ:FWRD)

Rhumbline Advisers lifted its position in shares of Forward Air Co. (NASDAQ:FWRD) by 2.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 89,457 shares of the transportation company’s stock after purchasing an additional 1,828 shares during the quarter. Rhumbline Advisers owned about 0.34% of Forward Air worth $1,703,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of Forward Air by 413.5% during the 1st quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock worth $26,000 after purchasing an additional 674 shares during the period. TFO Wealth Partners LLC lifted its position in Forward Air by 116,200.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,163 shares of the transportation company’s stock worth $73,000 after acquiring an additional 1,162 shares in the last quarter. Headlands Technologies LLC lifted its position in Forward Air by 98.5% during the 1st quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock worth $51,000 after acquiring an additional 811 shares in the last quarter. Gladius Capital Management LP lifted its position in Forward Air by 33.5% during the 2nd quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock worth $37,000 after acquiring an additional 493 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Forward Air by 2,329.3% during the 2nd quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock worth $38,000 after acquiring an additional 1,910 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Robert W. Baird boosted their price target on Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wolfe Research raised Forward Air from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, May 28th. Finally, Benchmark reaffirmed a “hold” rating on shares of Forward Air in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.00.

Forward Air Price Performance

Shares of FWRD opened at $35.94 on Friday. The company has a market cap of $950.18 million, a P/E ratio of 10.51 and a beta of 1.02. The stock has a fifty day moving average price of $28.81 and a 200 day moving average price of $24.58. The company has a debt-to-equity ratio of 4.70, a current ratio of 1.33 and a quick ratio of 1.33. Forward Air Co. has a 12 month low of $11.21 and a 12 month high of $79.51.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, August 7th. The transportation company reported ($23.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($23.11). Forward Air had a negative return on equity of 79.11% and a negative net margin of 30.77%. The business had revenue of $643.67 million during the quarter, compared to the consensus estimate of $642.92 million. During the same period in the previous year, the company posted $0.91 EPS. The company’s revenue for the quarter was up 92.9% compared to the same quarter last year. On average, research analysts forecast that Forward Air Co. will post -1.01 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.