State Board of Administration of Florida Retirement System Lowers Stake in Forward Air Corp. (FWRD)
State Board of Administration of Florida Retirement System decreased its stake in Forward Air Corp. (NASDAQ:FWRD) by 7.7% during the second quarter, Holdings Channel reports. The institutional investor owned 25,843 shares of the company’s stock after selling 2,142 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.09% of Forward Air Corp. worth $1,151,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Bank of Montreal Can purchased a new stake in Forward Air Corp. during the second quarter worth $109,000. Rothschild Asset Management Inc. purchased a new stake in Forward Air Corp. during the second quarter worth $298,000. Moody Aldrich Partners LLC purchased a new stake in Forward Air Corp. during the first quarter worth $324,000. Emerald Acquisition Ltd. purchased a new stake in Forward Air Corp. during the second quarter worth $341,000. Finally, OLD National Bancorp IN raised its stake in Forward Air Corp. by 2.5% in the first quarter. OLD National Bancorp IN now owns 7,644 shares of the company’s stock worth $346,000 after buying an additional 186 shares during the last quarter. 98.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Forward Air Corp. (NASDAQ:FWRD) traded down 1.58% during trading on Wednesday, reaching $43.00. 329,111 shares of the company’s stock traded hands. The company has a 50 day moving average price of $46.01 and a 200 day moving average price of $45.18. The stock has a market capitalization of $1.30 billion, a PE ratio of 31.64 and a beta of 1.29. Forward Air Corp. has a 1-year low of $36.00 and a 1-year high of $50.47.
Forward Air Corp. (NASDAQ:FWRD) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by $0.01. The business earned $238.60 million during the quarter, compared to analysts’ expectations of $247.86 million. Forward Air Corp. had a net margin of 4.32% and a return on equity of 14.41%. On average, equities analysts forecast that Forward Air Corp. will post $2.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.12%. The ex-dividend date was Thursday, August 18th. Forward Air Corp.’s dividend payout ratio is currently 35.56%.
A number of analysts recently weighed in on the stock. Royal Bank Of Canada upgraded shares of Forward Air Corp. from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $50.00 to $52.00 in a research note on Tuesday, May 24th. Cowen and Company cut their target price on shares of Forward Air Corp. from $50.00 to $48.00 and set a “market perform” rating on the stock in a research note on Tuesday. Zacks Investment Research lowered shares of Forward Air Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Finally, BB&T Corp. lowered shares of Forward Air Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Forward Air Corp. currently has a consensus rating of “Buy” and a consensus price target of $50.00.
In other news, VP Michael L. Hance sold 18,000 shares of Forward Air Corp. stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $46.05, for a total value of $828,900.00. Following the transaction, the vice president now directly owns 18,646 shares of the company’s stock, valued at approximately $858,648.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew J. Jewell sold 600 shares of Forward Air Corp. stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $46.44, for a total value of $27,864.00. Following the completion of the transaction, the insider now directly owns 34,910 shares in the company, valued at $1,621,220.40. The disclosure for this sale can be found here. 3.35% of the stock is owned by insiders.
About Forward Air Corp.
Forward Air Corporation offers services, which are classified into three segments: Forward Air, Forward Air Solutions (FASI) and Total Quality (TQI). The Company, through its three segments, offers a range of logistic and other services, including expedited full truckload (TLX), pick-up and delivery (Forward Air Complete), pool distribution, temperature-controlled truckload, warehousing, customs brokerage and shipment consolidation and handling.
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