Melqart Asset Management UK Ltd Makes New $9.81 Million Investment in Forward Air Corporation $FWRD

Melqart Asset Management UK Ltd bought a new stake in shares of Forward Air Corporation (NASDAQ:FWRD) in the third quarter, Holdings Channel reports. The firm bought 382,394 shares of the transportation company’s stock, valued at approximately $9,805,000. Forward Air makes up 1.3% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 29th largest holding.

Other hedge funds have also modified their holdings of the company. Allianz Asset Management GmbH acquired a new stake in shares of Forward Air during the 3rd quarter valued at about $8,295,000. Vanguard Group Inc. increased its holdings in Forward Air by 15.1% in the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock worth $60,347,000 after buying an additional 307,906 shares during the last quarter. Royal Bank of Canada increased its holdings in Forward Air by 1,179.7% in the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after buying an additional 296,001 shares during the last quarter. Rothschild Investment LLC raised its position in Forward Air by 337,481.3% during the third quarter. Rothschild Investment LLC now owns 270,065 shares of the transportation company’s stock valued at $6,924,000 after acquiring an additional 269,985 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Forward Air by 47.3% during the second quarter. JPMorgan Chase & Co. now owns 786,883 shares of the transportation company’s stock valued at $19,310,000 after acquiring an additional 252,509 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Forward Air Stock Down 4.6%

FWRD opened at $15.80 on Friday. The firm has a market cap of $493.75 million, a P/E ratio of -4.49 and a beta of 1.33. The company has a debt-to-equity ratio of 10.58, a quick ratio of 1.20 and a current ratio of 1.22. The business has a 50 day moving average price of $26.42 and a 200 day moving average price of $25.05. Forward Air Corporation has a twelve month low of $9.78 and a twelve month high of $32.47.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Monday, February 23rd. The transportation company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Forward Air had a negative net margin of 4.32% and a negative return on equity of 42.67%. The company had revenue of $631.23 million for the quarter, compared to analyst estimates of $629.60 million. During the same quarter last year, the business earned ($1.23) EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts forecast that Forward Air Corporation will post -0.72 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on FWRD. Stifel Nicolaus boosted their target price 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. Zacks Research downgraded shares of Forward Air from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Susquehanna reaffirmed a “positive” rating and issued a $42.00 price objective on shares of Forward Air in a research note on Tuesday, February 24th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.00.

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.