Comerica Bank Cuts Stock Holdings in Forward Air Co. (NASDAQ:FWRD)

Comerica Bank decreased its stake in shares of Forward Air Co. (NASDAQ:FWRDGet Rating) by 9.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,976 shares of the transportation company’s stock after selling 2,308 shares during the period. Comerica Bank’s holdings in Forward Air were worth $2,076,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FWRD. CWM LLC boosted its position in Forward Air by 73.5% in the second quarter. CWM LLC now owns 354 shares of the transportation company’s stock worth $33,000 after purchasing an additional 150 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Forward Air by 88.2% in the second quarter. Quadrant Capital Group LLC now owns 382 shares of the transportation company’s stock worth $35,000 after purchasing an additional 179 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Forward Air in the first quarter worth $45,000. First Horizon Advisors Inc. boosted its position in Forward Air by 5,675.0% in the second quarter. First Horizon Advisors Inc. now owns 693 shares of the transportation company’s stock worth $63,000 after purchasing an additional 681 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in Forward Air by 32.7% in the second quarter. Steward Partners Investment Advisory LLC now owns 811 shares of the transportation company’s stock worth $75,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 99.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com cut Forward Air from a “buy” rating to a “hold” rating in a research report on Thursday, January 5th. Jefferies Financial Group restated a “hold” rating and issued a $110.00 target price on shares of Forward Air in a research note on Wednesday, January 4th. Finally, Raymond James lowered their target price on Forward Air from $140.00 to $135.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 14th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.40.

Forward Air Stock Performance

Shares of FWRD opened at $100.59 on Friday. The firm has a market cap of $2.67 billion, a PE ratio of 14.33 and a beta of 1.16. The stock’s fifty day moving average price is $106.82 and its two-hundred day moving average price is $101.69. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.74 and a quick ratio of 1.74. Forward Air Co. has a 1 year low of $84.04 and a 1 year high of $117.57.

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

Forward Air Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 8th. Investors of record on Wednesday, November 23rd were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 22nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.95%. Forward Air’s payout ratio is 13.68%.

Insider Activity at Forward Air

In related news, COO Chris C. Ruble sold 2,823 shares of the business’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $107.00, for a total transaction of $302,061.00. Following the sale, the chief operating officer now directly owns 27,513 shares in the company, valued at approximately $2,943,891. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Forward Air news, COO Chris C. Ruble sold 2,177 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris C. Ruble sold 2,823 shares of the company’s stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $107.00, for a total value of $302,061.00. Following the completion of the transaction, the chief operating officer now owns 27,513 shares in the company, valued at $2,943,891. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,000 shares of company stock worth $753,135. 1.30% of the stock is owned by company insiders.

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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