JPMorgan Chase & Co. Raises Position in Forward Air Co. (NASDAQ:FWRD)

JPMorgan Chase & Co. raised its position in shares of Forward Air Co. (NASDAQ:FWRD) by 688.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 326,921 shares of the transportation company’s stock after acquiring an additional 285,465 shares during the quarter. JPMorgan Chase & Co.’s holdings in Forward Air were worth $11,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Clearlake Capital Group L.P. boosted its stake in Forward Air by 255.2% in the 2nd quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock worth $72,828,000 after purchasing an additional 2,747,994 shares during the period. MFN Partners Management LP bought a new stake in Forward Air in the second quarter worth $17,208,000. Federated Hermes Inc. boosted its position in Forward Air by 712.5% during the second quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock valued at $12,965,000 after buying an additional 597,120 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Forward Air by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 675,883 shares of the transportation company’s stock worth $23,926,000 after purchasing an additional 28,669 shares during the period. Finally, Goldentree Asset Management LP bought a new stake in Forward Air in the 3rd quarter worth $14,270,000. 97.03% of the stock is currently owned by institutional investors.

Forward Air Stock Performance

FWRD stock opened at $32.23 on Monday. The stock’s fifty day moving average price is $33.51 and its 200-day moving average price is $31.43. The company has a market cap of $933.19 million, a P/E ratio of -1.35 and a beta of 1.04. Forward Air Co. has a 1 year low of $11.21 and a 1 year high of $61.42. The company has a debt-to-equity ratio of 5.07, a current ratio of 1.21 and a quick ratio of 1.21.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FWRD. Benchmark reissued a “hold” rating on shares of Forward Air in a research note on Tuesday, January 7th. Jefferies Financial Group set a $47.00 price target on Forward Air and gave the company a “buy” rating in a research report on Friday, October 18th. StockNews.com upgraded Forward Air to a “sell” rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus upped their price objective on Forward Air from $31.00 to $36.00 and gave the company a “hold” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.67.

Forward Air Company 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.