Forward Air Corporation $FWRD Stock Holdings Boosted by Private Management Group Inc.

Private Management Group Inc. grew its stake in shares of Forward Air Corporation (NASDAQ:FWRD) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,184,883 shares of the transportation company’s stock after buying an additional 39,123 shares during the period. Private Management Group Inc. owned approximately 3.75% of Forward Air worth $18,069,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new stake in shares of Forward Air in the 2nd quarter valued at approximately $28,000. Allied Private Wealth LLC acquired a new position in Forward Air during the second quarter valued at approximately $57,000. Fifth Third Bancorp increased its stake in Forward Air by 2,397.7% in the first quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company’s stock valued at $92,000 after purchasing an additional 5,275 shares in the last quarter. State of Wyoming bought a new stake in Forward Air in the second quarter valued at approximately $102,000. Finally, Corient Private Wealth LP bought a new stake in Forward Air in the second quarter valued at approximately $146,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FWRD shares. Susquehanna reduced their price target on shares of Forward Air from $29.00 to $25.00 and set a “positive” rating on the stock in a research report on Friday, October 2nd. Stifel Nicolaus set a $27.00 price objective on shares of Forward Air in a research report on Thursday, October 29th. Weiss Ratings upgraded shares of Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 8th. Wall Street Zen raised Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Zacks Research upgraded Forward Air from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.00.

Forward Air Price Performance

NASDAQ FWRD opened at $17.65 on Tuesday. The business has a 50 day simple moving average of $16.06 and a 200 day simple moving average of $17.43. Forward Air Corporation has a 52-week low of $7.86 and a 52-week high of $31.17. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market cap of $558.09 million, a price-to-earnings ratio of -1.98 and a beta of 1.31.

Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Monday, November 9th. The transportation company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.21. The firm had revenue of $673.86 million for the quarter, compared to analyst estimates of $673.40 million. Forward Air had a negative net margin of 11.37% and a negative return on equity of 19.49%. Analysts anticipate that Forward Air Corporation will post -2.02 earnings per share for the current fiscal year.

About Forward Air

Forward Air Corporation (NASDAQ: FWRD) is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.