Wolverine Asset Management LLC Sells 2,000 Shares of Forward Air Corporation (NASDAQ:FWRD)

Wolverine Asset Management LLC reduced its stake in Forward Air Corporation (NASDAQ:FWRD) by 23.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,565 shares of the transportation company’s stock after selling 2,000 shares during the period. Wolverine Asset Management LLC’s holdings in Forward Air were worth $132,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Swiss National Bank grew its position in Forward Air by 4.9% during the 1st quarter. Swiss National Bank now owns 42,900 shares of the transportation company’s stock worth $862,000 after acquiring an additional 2,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Forward Air by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 761,231 shares of the transportation company’s stock worth $15,293,000 after buying an additional 5,388 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Forward Air by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 2,050,268 shares of the transportation company’s stock worth $41,190,000 after buying an additional 6,702 shares in the last quarter. XTX Topco Ltd acquired a new position in Forward Air during the 1st quarter worth $481,000. Finally, Allianz Asset Management GmbH lifted its holdings in Forward Air by 46.5% during the 1st quarter. Allianz Asset Management GmbH now owns 229,227 shares of the transportation company’s stock worth $4,605,000 after buying an additional 72,710 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on FWRD. Wall Street Zen raised Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, June 21st. Stifel Nicolaus upped their price objective on Forward Air from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Forward Air presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Forward Air Stock Performance

FWRD stock opened at $28.57 on Tuesday. The business’s fifty day moving average is $25.69 and its 200-day moving average is $22.55. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 7.55. The company has a market cap of $869.10 million, a P/E ratio of -0.98 and a beta of 1.43. Forward Air Corporation has a twelve month low of $9.78 and a twelve month high of $40.92.

Forward Air (NASDAQ:FWRD) last posted its quarterly earnings results on Monday, August 11th. The transportation company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.24). The company had revenue of $618.84 million during the quarter, compared to analyst estimates of $627.98 million. Forward Air had a negative net margin of 31.66% and a negative return on equity of 242.42%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the company earned ($23.29) EPS. Equities research analysts forecast that Forward Air Corporation will post -0.72 EPS for the current year.

Forward Air Profile

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.