Citadel Advisors LLC Lowers Stake in Forward Air Corporation (FWRD)
Citadel Advisors LLC trimmed its stake in shares of Forward Air Corporation (NASDAQ:FWRD) by 45.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,951 shares of the transportation company’s stock after selling 28,991 shares during the period. Citadel Advisors LLC owned about 0.12% of Forward Air Corporation worth $1,862,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Wells Fargo & Company MN lifted its position in Forward Air Corporation by 1.1% in the 1st quarter. Wells Fargo & Company MN now owns 136,361 shares of the transportation company’s stock valued at $6,487,000 after acquiring an additional 1,495 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Forward Air Corporation by 5.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 42,236 shares of the transportation company’s stock worth $2,008,000 after purchasing an additional 2,109 shares during the period. First Trust Advisors LP boosted its stake in Forward Air Corporation by 5.8% in the 1st quarter. First Trust Advisors LP now owns 17,813 shares of the transportation company’s stock worth $847,000 after purchasing an additional 983 shares during the period. Bank of New York Mellon Corp boosted its stake in Forward Air Corporation by 3.0% in the 1st quarter. Bank of New York Mellon Corp now owns 448,804 shares of the transportation company’s stock worth $21,350,000 after purchasing an additional 13,190 shares during the period. Finally, Karp Capital Management Corp acquired a new position in Forward Air Corporation in the 1st quarter worth $340,000. Institutional investors and hedge funds own 96.18% of the company’s stock.
In other Forward Air Corporation news, CAO Michael P. Mclean sold 15,718 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.05, for a total transaction of $802,403.90. Following the transaction, the chief accounting officer now owns 20,559 shares in the company, valued at $1,049,536.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael P. Mclean sold 4,984 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $54.82, for a total transaction of $273,222.88. Following the transaction, the insider now owns 13,401 shares in the company, valued at approximately $734,642.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,197 shares of company stock worth $1,205,367. 2.40% of the stock is owned by company insiders.
Forward Air Corporation (NASDAQ FWRD) opened at 57.23 on Monday. The firm has a market cap of $1.73 billion, a PE ratio of 29.93 and a beta of 1.12. Forward Air Corporation has a one year low of $40.07 and a one year high of $57.68. The company’s 50-day moving average is $51.80 and its 200 day moving average is $51.05.
Forward Air Corporation (NASDAQ:FWRD) last released its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.06. Forward Air Corporation had a return on equity of 13.31% and a net margin of 5.68%. The firm had revenue of $267.50 million during the quarter, compared to the consensus estimate of $256.98 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. Equities analysts anticipate that Forward Air Corporation will post $2.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 25th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Wednesday, August 23rd. Forward Air Corporation’s dividend payout ratio is currently 31.25%.
A number of research firms have issued reports on FWRD. BidaskClub upgraded Forward Air Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Zacks Investment Research lowered Forward Air Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. KeyCorp restated a “hold” rating on shares of Forward Air Corporation in a report on Friday, September 22nd. Cowen and Company reaffirmed a “hold” rating and set a $51.00 price objective on shares of Forward Air Corporation in a research report on Thursday, August 10th. Finally, Wolfe Research cut Forward Air Corporation from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $51.25.
About Forward Air Corporation
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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