Y Intercept Hong Kong Ltd Sells 57,656 Shares of Forward Air Corporation $FWRD

Y Intercept Hong Kong Ltd reduced its stake in Forward Air Corporation (NASDAQ:FWRD) by 77.5% during the third quarter, HoldingsChannel reports. The firm owned 16,762 shares of the transportation company’s stock after selling 57,656 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Forward Air were worth $430,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Clear Harbor Asset Management LLC bought a new stake in Forward Air during the third quarter worth about $1,091,000. Private Management Group Inc. increased its position in shares of Forward Air by 8.7% during the 2nd quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company’s stock valued at $25,674,000 after purchasing an additional 83,600 shares during the last quarter. Jefferies Financial Group Inc. raised its holdings in shares of Forward Air by 7.0% during the 2nd quarter. Jefferies Financial Group Inc. now owns 384,634 shares of the transportation company’s stock valued at $9,439,000 after buying an additional 25,283 shares in the last quarter. Caxton Associates LLP raised its holdings in shares of Forward Air by 124.2% during the 2nd quarter. Caxton Associates LLP now owns 107,113 shares of the transportation company’s stock valued at $2,629,000 after buying an additional 59,345 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in Forward Air in the 2nd quarter worth approximately $371,000. 97.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on FWRD. Zacks Research cut shares of Forward Air from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Susquehanna upped their price objective on shares of Forward Air from $42.00 to $45.00 and gave the company a “positive” rating in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a report on Thursday, January 22nd. Wall Street Zen cut shares of Forward Air from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a research report on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.00.

Forward Air Trading Up 1.0%

NASDAQ:FWRD opened at $29.72 on Thursday. The firm has a market capitalization of $928.75 million, a P/E ratio of -7.72 and a beta of 1.35. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 8.73. The company has a fifty day moving average of $26.36 and a 200 day moving average of $25.85. Forward Air Corporation has a 52 week low of $9.78 and a 52 week high of $33.00.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, November 5th. The transportation company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.39). The firm had revenue of $631.76 million during the quarter, compared to the consensus estimate of $645.45 million. Forward Air had a negative return on equity of 33.13% and a negative net margin of 4.64%.Forward Air’s revenue was down 3.7% on a year-over-year basis. During the same period last year, the business earned ($2.62) EPS. On average, research analysts predict that Forward Air Corporation will post -0.72 earnings per share for the current year.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.