Envestnet Portfolio Solutions Inc. Purchases Shares of 14,563 Forward Air Corporation $FWRD

Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Forward Air Corporation (NASDAQ:FWRD) during the second quarter, Holdings Channel reports. The firm purchased 14,563 shares of the transportation company’s stock, valued at approximately $357,000.

A number of other large investors have also added to or reduced their stakes in FWRD. Principal Financial Group Inc. raised its position in Forward Air by 2.8% during the first quarter. Principal Financial Group Inc. now owns 99,821 shares of the transportation company’s stock valued at $2,005,000 after purchasing an additional 2,673 shares in the last quarter. New York State Common Retirement Fund raised its position in Forward Air by 7.8% during the first quarter. New York State Common Retirement Fund now owns 294,682 shares of the transportation company’s stock valued at $5,920,000 after purchasing an additional 21,220 shares in the last quarter. Kintayl Capital LP raised its position in Forward Air by 33.0% during the first quarter. Kintayl Capital LP now owns 223,087 shares of the transportation company’s stock valued at $4,482,000 after purchasing an additional 55,330 shares in the last quarter. Allianz Asset Management GmbH raised its position in Forward Air by 46.5% during the first quarter. Allianz Asset Management GmbH now owns 229,227 shares of the transportation company’s stock valued at $4,605,000 after purchasing an additional 72,710 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Forward Air during the first quarter valued at about $481,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a report on Wednesday, October 8th. Susquehanna lifted their price objective on Forward Air from $40.00 to $43.00 and gave the stock a “positive” rating in a report on Tuesday, August 12th. Wall Street Zen downgraded Forward Air from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Finally, Stifel Nicolaus decreased their price objective on Forward Air from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Forward Air presently has an average rating of “Hold” and an average target price of $33.67.

Forward Air Stock Performance

Shares of FWRD opened at $19.02 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 7.91. The business’s 50 day moving average price is $26.68 and its 200-day moving average price is $23.19. Forward Air Corporation has a 52 week low of $9.78 and a 52 week high of $39.89. The stock has a market cap of $585.63 million, a P/E ratio of -3.18 and a beta of 1.39.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data 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). Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The firm had revenue of $618.84 million during the quarter, compared to analysts’ expectations of $627.98 million. During the same quarter in the previous year, the firm earned ($23.29) earnings per share. Forward Air’s revenue was down 3.9% on a year-over-year basis. Equities research analysts anticipate that Forward Air Corporation will post -0.72 earnings per share for the current fiscal year.

Forward Air Company 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.