State Street Corp Acquires 10,471 Shares of Forward Air Corporation (NASDAQ:FWRD)

State Street Corp lifted its stake in Forward Air Corporation (NASDAQ:FWRD) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 785,118 shares of the transportation company’s stock after acquiring an additional 10,471 shares during the quarter. State Street Corp owned approximately 2.59% of Forward Air Corporation worth $41,835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of FWRD. Riverhead Capital Management LLC increased its stake in shares of Forward Air Corporation by 72.5% in the second quarter. Riverhead Capital Management LLC now owns 1,897 shares of the transportation company’s stock worth $101,000 after acquiring an additional 797 shares during the last quarter. Huntington National Bank increased its stake in shares of Forward Air Corporation by 8.1% in the second quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock worth $117,000 after acquiring an additional 165 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Forward Air Corporation in the second quarter worth $117,000. US Bancorp DE increased its stake in shares of Forward Air Corporation by 22.6% in the second quarter. US Bancorp DE now owns 2,411 shares of the transportation company’s stock worth $129,000 after acquiring an additional 445 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Forward Air Corporation in the second quarter worth $158,000. 99.09% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently weighed in on the stock. Cowen and Company reaffirmed a “hold” rating and issued a $51.00 price target on shares of Forward Air Corporation in a research note on Thursday, August 10th. Zacks Investment Research downgraded shares of Forward Air Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Forward Air Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Wolfe Research downgraded shares of Forward Air Corporation from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus increased their target price on shares of Forward Air Corporation from $47.00 to $52.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $55.33.

In related news, Director George M. Lynch sold 1,640 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $57.00, for a total value of $93,480.00. Following the completion of the sale, the director now owns 12,383 shares in the company, valued at $705,831. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael P. Mclean sold 4,984 shares of the stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $54.82, for a total transaction of $273,222.88. Following the completion of the sale, the insider now owns 13,401 shares of the company’s stock, valued at approximately $734,642.82. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

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Forward Air Corporation (NASDAQ FWRD) traded down $0.01 during mid-day trading on Wednesday, reaching $55.47. 79,100 shares of the company’s stock were exchanged, compared to its average volume of 127,781. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.71 and a quick ratio of 2.71. Forward Air Corporation has a one year low of $43.88 and a one year high of $59.97. The company has a market capitalization of $1,651.76, a PE ratio of 24.23 and a beta of 1.20.

Forward Air Corporation (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.58. Forward Air Corporation had a net margin of 6.10% and a return on equity of 13.76%. The company had revenue of $280.20 million during the quarter, compared to analysts’ expectations of $278.75 million. During the same period in the prior year, the company earned $0.51 earnings per share. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. equities analysts forecast that Forward Air Corporation will post 2.33 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 23rd will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Tuesday, November 21st. Forward Air Corporation’s dividend payout ratio (DPR) is 28.17%.

About Forward Air Corporation

Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.

Institutional Ownership by Quarter for Forward Air Corporation (NASDAQ:FWRD)

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