Strs Ohio Sells 3,300 Shares of Forward Air Co. (FWRD)
Strs Ohio trimmed its position in Forward Air Co. (NASDAQ:FWRD) by 67.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,600 shares of the transportation company’s stock after selling 3,300 shares during the quarter. Strs Ohio’s holdings in Forward Air were worth $114,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of FWRD. Sun Life Financial INC bought a new stake in shares of Forward Air during the second quarter worth $142,000. Royal Bank of Canada lifted its stake in Forward Air by 281.0% in the first quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock valued at $159,000 after buying an additional 2,209 shares during the period. Vident Investment Advisory LLC acquired a new position in Forward Air in the second quarter valued at about $357,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Forward Air in the second quarter valued at about $368,000. Finally, Ramsey Quantitative Systems acquired a new position in Forward Air in the third quarter valued at about $452,000. Institutional investors and hedge funds own 94.04% of the company’s stock.
Several equities analysts have weighed in on the company. Deutsche Bank set a $73.00 target price on Forward Air and gave the company a “buy” rating in a research note on Thursday, September 27th. ValuEngine raised Forward Air from a “hold” rating to a “buy” rating in a research note on Friday. Stifel Nicolaus set a $68.00 target price on Forward Air and gave the company a “hold” rating in a research note on Thursday, October 25th. Stephens set a $70.00 target price on Forward Air and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, BidaskClub raised Forward Air from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 29th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Forward Air has a consensus rating of “Buy” and a consensus target price of $68.75.
Forward Air (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, October 24th. The transportation company reported $0.80 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.80. The company had revenue of $331.38 million for the quarter, compared to analyst estimates of $327.81 million. Forward Air had a return on equity of 15.63% and a net margin of 7.85%. Research analysts anticipate that Forward Air Co. will post 3.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, November 21st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.16%. This is a positive change from Forward Air’s previous quarterly dividend of $0.15. Forward Air’s dividend payout ratio (DPR) is currently 25.42%.
In other news, Director George M. Lynch sold 1,965 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $60.52, for a total transaction of $118,921.80. Following the sale, the director now owns 9,972 shares of the company’s stock, valued at $603,505.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Bruce A. Campbell sold 8,627 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $65.57, for a total value of $565,672.39. Following the sale, the chairman now directly owns 137,866 shares in the company, valued at approximately $9,039,873.62. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,905 shares of company stock worth $1,801,632. 1.95% of the stock is currently owned by insiders.
Forward Air Company Profile
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-than-truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).
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