Allianz Asset Management GmbH Acquires New Position in Forward Air Corporation $FWRD

Allianz Asset Management GmbH bought a new stake in shares of Forward Air Corporation (NASDAQ:FWRD) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 323,505 shares of the transportation company’s stock, valued at approximately $8,295,000. Allianz Asset Management GmbH owned approximately 1.05% of Forward Air as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FWRD. Royal Bank of Canada grew its position in shares of Forward Air by 1,179.7% during the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock valued at $6,451,000 after purchasing an additional 296,001 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Forward Air by 7.0% in the first quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock worth $201,000 after buying an additional 654 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Forward Air by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company’s stock valued at $299,000 after buying an additional 624 shares during the period. Intech Investment Management LLC grew its position in Forward Air by 64.2% during the first quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company’s stock worth $1,467,000 after buying an additional 28,564 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its stake in Forward Air by 32.9% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 9,700 shares of the transportation company’s stock worth $238,000 after acquiring an additional 2,400 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FWRD shares. Susquehanna raised their target price 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 restated a “sell (e+)” rating on shares of Forward Air in a research report on Thursday, January 22nd. Zacks Research cut Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Stifel Nicolaus lifted their price target on Forward Air from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Forward Air in a report on Thursday, November 6th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Forward Air Price Performance

FWRD opened at $30.20 on Tuesday. The company has a debt-to-equity ratio of 8.73, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market capitalization of $943.75 million, a PE ratio of -7.84 and a beta of 1.35. The stock’s 50 day moving average price is $26.73 and its 200-day moving average price is $25.83. Forward Air Corporation has a 52-week low of $9.78 and a 52-week high of $32.89.

Forward Air Profile

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.