JPMorgan Chase & Co. Has $12.86 Million Position in Forward Air Corporation $FWRD

JPMorgan Chase & Co. reduced its position in shares of Forward Air Corporation (NASDAQ:FWRD) by 36.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 501,717 shares of the transportation company’s stock after selling 285,166 shares during the period. JPMorgan Chase & Co.’s holdings in Forward Air were worth $12,864,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FWRD. Nisa Investment Advisors LLC raised its holdings in shares of Forward Air by 26.9% in the second quarter. Nisa Investment Advisors LLC now owns 2,499 shares of the transportation company’s stock valued at $61,000 after buying an additional 530 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Forward Air by 207.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company’s stock valued at $64,000 after acquiring an additional 1,753 shares during the last quarter. AlphaQuest LLC grew its holdings in Forward Air by 541.5% during the 3rd quarter. AlphaQuest LLC now owns 3,015 shares of the transportation company’s stock worth $77,000 after acquiring an additional 2,545 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Forward Air during the second quarter worth $107,000. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in Forward Air by 12.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,725 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 629 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on FWRD. Jefferies Financial Group reaffirmed a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Susquehanna reiterated a “positive” rating and issued a $42.00 price target on shares of Forward Air in a report on Tuesday, February 24th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a report on Thursday, January 22nd. Zacks Research cut Forward Air from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, Stifel Nicolaus boosted their price objective on shares of Forward Air from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.00.

Forward Air Stock Performance

Shares of NASDAQ FWRD opened at $23.88 on Friday. Forward Air Corporation has a 12 month low of $9.78 and a 12 month high of $32.47. The stock has a 50 day moving average of $27.12 and a 200-day moving average of $25.44. The company has a current ratio of 1.22, a quick ratio of 1.20 and a debt-to-equity ratio of 10.58. The company has a market capitalization of $746.25 million, a P/E ratio of -6.78 and a beta of 1.33.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings data on Monday, February 23rd. The transportation company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $631.23 million for the quarter, compared to the consensus estimate of $629.60 million. Forward Air had a negative return on equity of 42.67% and a negative net margin of 4.32%.The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.23) earnings per share. As a group, equities research analysts predict that Forward Air Corporation will post -0.72 EPS for the current year.

Forward Air Company 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.