Private Management Group Inc. trimmed its position in shares of Forward Air Co. (NASDAQ:FWRD - Free Report) by 24.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,016,514 shares of the transportation company's stock after selling 320,173 shares during the period. Forward Air comprises 1.3% of Private Management Group Inc.'s holdings, making the stock its 17th biggest holding. Private Management Group Inc. owned approximately 3.67% of Forward Air worth $35,985,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gladius Capital Management LP lifted its position in shares of Forward Air by 33.5% during the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company's stock worth $37,000 after purchasing an additional 493 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Forward Air by 3.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the transportation company's stock worth $303,000 after acquiring an additional 600 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Forward Air by 62.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company's stock worth $70,000 after acquiring an additional 763 shares during the period. Headlands Technologies LLC increased its position in shares of Forward Air by 98.5% during the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company's stock worth $51,000 after acquiring an additional 811 shares during the period. Finally, EntryPoint Capital LLC raised its stake in shares of Forward Air by 36.2% during the first quarter. EntryPoint Capital LLC now owns 3,220 shares of the transportation company's stock valued at $100,000 after acquiring an additional 856 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on FWRD shares. Stifel Nicolaus raised their price objective on Forward Air from $31.00 to $36.00 and gave the stock a "hold" rating in a report on Monday, October 21st. Benchmark restated a "hold" rating on shares of Forward Air in a research note on Monday, August 12th. Jefferies Financial Group set a $47.00 price objective on shares of Forward Air and gave the stock a "buy" rating in a research note on Friday, October 18th. Finally, Robert W. Baird raised their target price on shares of Forward Air from $17.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, Forward Air currently has a consensus rating of "Hold" and an average target price of $39.25.
Read Our Latest Stock Analysis on FWRD
Shares of NASDAQ:FWRD traded down $1.09 during trading on Friday, reaching $34.24. The stock had a trading volume of 945,963 shares, compared to its average volume of 1,010,536. The firm's 50-day simple moving average is $35.40 and its 200 day simple moving average is $26.23. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70. Forward Air Co. has a one year low of $11.21 and a one year high of $68.09. The company has a market capitalization of $948.45 million, a P/E ratio of -1.65 and a beta of 1.02.
Forward Air (NASDAQ:FWRD - Get Free Report) last announced its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($23.11). The business had revenue of $643.67 million for the quarter, compared to analysts' expectations of $642.92 million. Forward Air had a negative return on equity of 79.11% and a negative net margin of 30.77%. The firm's quarterly revenue was up 92.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, research analysts expect that Forward Air Co. will post -1.01 EPS for the current fiscal year.
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
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