Raymond James & Associates Buys 34,714 Shares of Forward Air Co. (NASDAQ:FWRD)

Raymond James & Associates grew its stake in shares of Forward Air Co. (NASDAQ:FWRDGet Rating) by 42.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 115,697 shares of the transportation company’s stock after acquiring an additional 34,714 shares during the quarter. Raymond James & Associates’ holdings in Forward Air were worth $10,445,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Forward Air by 0.9% during the 1st quarter. BlackRock Inc. now owns 4,118,552 shares of the transportation company’s stock valued at $402,713,000 after purchasing an additional 36,722 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Forward Air by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 2,918,292 shares of the transportation company’s stock valued at $285,351,000 after purchasing an additional 28,680 shares in the last quarter. Ancora Advisors LLC lifted its holdings in shares of Forward Air by 18.2% during the 1st quarter. Ancora Advisors LLC now owns 1,753,799 shares of the transportation company’s stock valued at $155,754,000 after purchasing an additional 269,446 shares in the last quarter. State Street Corp lifted its holdings in shares of Forward Air by 7.3% during the 1st quarter. State Street Corp now owns 1,056,548 shares of the transportation company’s stock valued at $103,309,000 after purchasing an additional 72,215 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Forward Air by 0.9% during the 2nd quarter. Royce & Associates LP now owns 880,880 shares of the transportation company’s stock valued at $81,006,000 after purchasing an additional 7,866 shares in the last quarter. Institutional investors own 99.28% of the company’s stock.

Forward Air Stock Down 0.4 %

Shares of Forward Air stock opened at $103.01 on Thursday. The business’s 50 day simple moving average is $107.52 and its 200 day simple moving average is $101.33. Forward Air Co. has a 52-week low of $84.04 and a 52-week high of $117.57. The firm has a market cap of $2.74 billion, a PE ratio of 14.67 and a beta of 1.16. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 1.74.

Forward Air (NASDAQ:FWRDGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The transportation company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.03. The firm had revenue of $510.02 million for the quarter, compared to analyst estimates of $504.42 million. Forward Air had a return on equity of 29.52% and a net margin of 9.77%. The business’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 EPS. On average, analysts predict that Forward Air Co. will post 7.53 earnings per share for the current fiscal year.

Forward Air Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 8th. Shareholders of record on Wednesday, November 23rd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Tuesday, November 22nd. Forward Air’s dividend payout ratio (DPR) is 13.68%.

Insiders Place Their Bets

In other Forward Air news, COO Chris C. Ruble sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $108.85, for a total transaction of $217,700.00. Following the transaction, the chief operating officer now owns 23,336 shares of the company’s stock, valued at approximately $2,540,123.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Forward Air news, COO Chris C. Ruble sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $108.85, for a total transaction of $217,700.00. Following the transaction, the chief operating officer now owns 23,336 shares of the company’s stock, valued at approximately $2,540,123.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris C. Ruble sold 2,177 shares of the business’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $107.20, for a total value of $233,374.40. Following the transaction, the chief operating officer now directly owns 25,336 shares in the company, valued at approximately $2,716,019.20. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $753,135 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FWRD has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $110.00 price objective on shares of Forward Air in a report on Wednesday, January 4th. StockNews.com lowered Forward Air from a “buy” rating to a “hold” rating in a research report on Thursday, January 5th. Finally, Raymond James dropped their target price on Forward Air from $140.00 to $135.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 14th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.40.

About Forward Air

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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 final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

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Institutional Ownership by Quarter for Forward Air (NASDAQ:FWRD)

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