Synovus Financial Corp Takes $461,000 Position in Forward Air Co. (NASDAQ:FWRD)

Synovus Financial Corp bought a new stake in shares of Forward Air Co. (NASDAQ:FWRD) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,136 shares of the transportation company’s stock, valued at approximately $461,000.

Other large investors have also recently bought and sold shares of the company. Cortina Asset Management LLC increased its holdings in Forward Air by 21.5% in the 2nd quarter. Cortina Asset Management LLC now owns 92,876 shares of the transportation company’s stock worth $5,494,000 after acquiring an additional 16,423 shares in the last quarter. First National Bank of Omaha increased its holdings in Forward Air by 2.2% in the 2nd quarter. First National Bank of Omaha now owns 33,247 shares of the transportation company’s stock worth $1,967,000 after acquiring an additional 705 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Forward Air by 1.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 11,510 shares of the transportation company’s stock worth $681,000 after acquiring an additional 200 shares in the last quarter. Profit Investment Management LLC increased its holdings in Forward Air by 3.3% in the 2nd quarter. Profit Investment Management LLC now owns 50,155 shares of the transportation company’s stock worth $2,967,000 after acquiring an additional 1,602 shares in the last quarter. Finally, CWM Advisors LLC increased its holdings in Forward Air by 11.9% in the 2nd quarter. CWM Advisors LLC now owns 3,568 shares of the transportation company’s stock worth $211,000 after acquiring an additional 379 shares in the last quarter. 95.22% of the stock is owned by hedge funds and other institutional investors.

Shares of Forward Air stock traded down $0.56 during trading hours on Friday, reaching $70.61. 111,400 shares of the company’s stock were exchanged, compared to its average volume of 153,636. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.99 billion, a P/E ratio of 22.63 and a beta of 1.54. The business has a fifty day moving average of $65.08 and a two-hundred day moving average of $61.70. Forward Air Co. has a 1 year low of $51.54 and a 1 year high of $72.09.

Forward Air (NASDAQ:FWRD) last released its earnings results on Thursday, October 24th. The transportation company reported $0.78 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.78. Forward Air had a net margin of 6.54% and a return on equity of 17.06%. The firm had revenue of $361.70 million for the quarter, compared to analyst estimates of $354.91 million. During the same period in the prior year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts predict that Forward Air Co. will post 3.22 EPS for the current year.

In related news, insider Glenn A. Adelaar sold 4,917 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $61.05, for a total transaction of $300,182.85. Following the sale, the insider now directly owns 41,177 shares in the company, valued at $2,513,855.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.04% of the stock is currently owned by corporate insiders.

Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Thursday, October 31st. BidaskClub raised shares of Forward Air from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird set a $75.00 target price on shares of Forward Air and gave the stock a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $76.67.

Forward Air Profile

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).

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

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