Forward Air Co. (NASDAQ:FWRD) Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its position in shares of Forward Air Co. (NASDAQ:FWRD) by 22.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 9,596 shares of the transportation company’s stock after selling 2,817 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Forward Air were worth $340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC purchased a new position in Forward Air during the 3rd quarter worth approximately $39,000. Point72 DIFC Ltd purchased a new position in Forward Air during the 2nd quarter worth approximately $26,000. Nisa Investment Advisors LLC grew its position in Forward Air by 62.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company’s stock worth $70,000 after purchasing an additional 763 shares in the last quarter. GAMMA Investing LLC grew its position in Forward Air by 89.2% during the 3rd quarter. GAMMA Investing LLC now owns 3,768 shares of the transportation company’s stock worth $133,000 after purchasing an additional 1,776 shares in the last quarter. Finally, LMR Partners LLP purchased a new position in Forward Air during the 3rd quarter worth approximately $232,000. Institutional investors own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FWRD. Stifel Nicolaus lifted their target price on shares of Forward Air from $31.00 to $36.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Jefferies Financial Group set a $47.00 target price on shares of Forward Air and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, StockNews.com raised shares of Forward Air to a “sell” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Forward Air presently has a consensus rating of “Hold” and an average price target of $39.25.

Forward Air Stock Performance

NASDAQ FWRD opened at $32.84 on Monday. The stock has a market cap of $950.85 million, a P/E ratio of -1.38 and a beta of 1.02. The company’s 50-day simple moving average is $35.84 and its 200 day simple moving average is $29.81. Forward Air Co. has a twelve month low of $11.21 and a twelve month high of $67.20. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07.

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.