State of Alaska Department of Revenue Has $386,000 Stake in Forward Air Co. (NASDAQ:FWRD)

State of Alaska Department of Revenue reduced its stake in Forward Air Co. (NASDAQ:FWRD) by 41.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,907 shares of the transportation company’s stock after selling 7,631 shares during the period. State of Alaska Department of Revenue’s holdings in Forward Air were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in Forward Air in the second quarter valued at approximately $26,000. Gladius Capital Management LP boosted its holdings in shares of Forward Air by 33.5% during the 2nd quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 493 shares in the last quarter. GAMMA Investing LLC grew 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 during the last quarter. Northwest Investment Counselors LLC acquired a new position in Forward Air in the 3rd quarter worth about $39,000. Finally, Headlands Technologies LLC raised its position in Forward Air by 98.5% in the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock valued at $51,000 after purchasing an additional 811 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FWRD has been the subject of several recent research reports. Benchmark restated a “hold” rating on shares of Forward Air in a research report on Monday, August 12th. Robert W. Baird increased their price objective on Forward Air from $17.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Stifel Nicolaus lifted their target price on Forward Air from $31.00 to $36.00 and gave the stock a “hold” rating in a report on Monday, October 21st. StockNews.com raised Forward Air to a “sell” rating in a research note on Wednesday. Finally, Jefferies Financial Group set a $47.00 price objective on Forward Air and gave the stock a “buy” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $39.25.

Forward Air Price Performance

NASDAQ:FWRD opened at $35.40 on Friday. The company has a debt-to-equity ratio of 5.07, a current ratio of 1.21 and a quick ratio of 1.33. The firm has a 50-day moving average of $35.74 and a 200-day moving average of $26.66. Forward Air Co. has a one year low of $11.21 and a one year high of $68.09.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing the consensus estimate of ($0.18) by ($23.11). Forward Air had a negative net margin of 31.14% and a negative return on equity of 98.80%. The firm had revenue of $643.67 million during the quarter, compared to analysts’ expectations of $642.92 million. During the same quarter in the prior year, the company earned $0.91 EPS. The business’s revenue for the quarter was up 92.9% on a year-over-year basis. As a group, analysts anticipate that Forward Air Co. will post -0.72 earnings per share for the current fiscal year.

About Forward Air

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.