Cibc World Market Inc. Sells 85,840 Shares of Forward Air Corporation $FWRD

Cibc World Market Inc. lessened its stake in Forward Air Corporation (NASDAQ:FWRD) by 10.2% in the third quarter, Holdings Channel reports. The firm owned 756,038 shares of the transportation company’s stock after selling 85,840 shares during the quarter. Cibc World Market Inc.’s holdings in Forward Air were worth $19,385,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FWRD. Allianz Asset Management GmbH bought a new position in Forward Air in the 3rd quarter valued at about $8,295,000. Royal Bank of Canada boosted its position in shares of Forward Air by 1,179.7% during the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after acquiring an additional 296,001 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Forward Air by 47.3% in the second quarter. JPMorgan Chase & Co. now owns 786,883 shares of the transportation company’s stock valued at $19,310,000 after acquiring an additional 252,509 shares during the last quarter. Bank of America Corp DE raised its position in Forward Air by 24.7% during the second quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company’s stock valued at $15,002,000 after purchasing an additional 121,190 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in Forward Air by 348.7% during the second quarter. Squarepoint Ops LLC now owns 140,751 shares of the transportation company’s stock valued at $3,454,000 after purchasing an additional 109,384 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Forward Air Trading Down 8.7%

Shares of FWRD stock opened at $27.12 on Friday. Forward Air Corporation has a twelve month low of $9.78 and a twelve month high of $32.47. The stock’s fifty day simple moving average is $26.95 and its 200 day simple moving average is $25.86. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 8.73. The firm has a market capitalization of $847.50 million, a P/E ratio of -7.04 and a beta of 1.35.

Analysts Set New Price Targets

FWRD has been the topic of several recent analyst reports. Zacks Research lowered Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a research report on Thursday, November 6th. Stifel Nicolaus lifted their target price on Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Susquehanna boosted their target price on Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a research note on Monday, January 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Forward Air in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.00.

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.