Forward Air Co. (FWRD) Stake Raised by Martingale Asset Management L P
Martingale Asset Management L P raised its position in Forward Air Co. (NASDAQ:FWRD) by 0.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,116 shares of the transportation company’s stock after buying an additional 700 shares during the period. Martingale Asset Management L P owned approximately 0.27% of Forward Air worth $3,907,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Nordea Investment Management AB purchased a new stake in Forward Air during the third quarter worth $13,175,000. Arrowpoint Asset Management LLC increased its stake in Forward Air by 16.4% in the fourth quarter. Arrowpoint Asset Management LLC now owns 1,937,340 shares of the transportation company’s stock worth $91,791,000 after buying an additional 272,881 shares during the period. Norges Bank purchased a new stake in Forward Air during the fourth quarter worth $12,003,000. Russell Investments Group Ltd. purchased a new stake in Forward Air during the fourth quarter worth $6,180,000. Finally, Dean Investment Associates LLC purchased a new stake in Forward Air during the third quarter worth $3,231,000. 95.88% of the stock is owned by institutional investors and hedge funds.
Shares of Forward Air Co. (NASDAQ:FWRD) traded up 2.24% during midday trading on Wednesday, hitting $51.13. The stock had a trading volume of 180,575 shares. The stock has a 50-day moving average of $49.88 and a 200 day moving average of $48.72. Forward Air Co. has a 52 week low of $40.07 and a 52 week high of $54.73. The stock has a market cap of $1.54 billion, a PE ratio of 54.63 and a beta of 1.05.
Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, April 26th. The transportation company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Forward Air had a net margin of 2.82% and a return on equity of 12.77%. The firm had revenue of $246.98 million during the quarter, compared to analyst estimates of $239.47 million. During the same quarter in the previous year, the business earned $0.43 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that Forward Air Co. will post $2.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Thursday, May 25th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Tuesday, May 23rd. Forward Air’s dividend payout ratio is presently 65.93%.
A number of research firms have weighed in on FWRD. Stifel Nicolaus upped their target price on Forward Air from $46.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Zacks Investment Research upgraded Forward Air from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Tuesday, May 16th. Seaport Global Securities began coverage on Forward Air in a research report on Thursday, March 2nd. They issued a “neutral” rating for the company. Finally, TheStreet downgraded Forward Air from a “b” rating to a “c+” rating in a research report on Wednesday, February 8th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $50.20.
In other news, CAO Michael P. Mclean sold 3,333 shares of Forward Air stock in a transaction on Friday, May 12th. The shares were sold at an average price of $50.33, for a total transaction of $167,749.89. Following the transaction, the chief accounting officer now directly owns 21,718 shares of the company’s stock, valued at $1,093,066.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Matthew J. Jewell sold 12,222 shares of Forward Air stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $52.51, for a total transaction of $641,777.22. Following the transaction, the insider now directly owns 44,044 shares in the company, valued at $2,312,750.44. The disclosure for this sale can be found here. Insiders have sold a total of 40,923 shares of company stock valued at $2,130,185 in the last ninety days. Company insiders own 3.35% of the company’s stock.
About Forward Air
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.
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