Confluence Investment Management LLC Grows Holdings in Forward Air Co. (FWRD)
Confluence Investment Management LLC boosted its position in shares of Forward Air Co. (NASDAQ:FWRD) by 3.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,894 shares of the transportation company’s stock after purchasing an additional 2,352 shares during the quarter. Confluence Investment Management LLC’s holdings in Forward Air were worth $4,589,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FWRD. Cambiar Investors LLC purchased a new position in Forward Air during the 3rd quarter worth $8,421,000. Victory Capital Management Inc. increased its holdings in Forward Air by 12.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,255,469 shares of the transportation company’s stock worth $71,850,000 after purchasing an additional 139,363 shares during the period. AHL Partners LLP increased its holdings in shares of Forward Air by 358.3% in the 2nd quarter. AHL Partners LLP now owns 95,269 shares of the transportation company’s stock valued at $5,076,000 after acquiring an additional 74,480 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Forward Air by 93.2% in the 2nd quarter. Alliancebernstein L.P. now owns 86,110 shares of the transportation company’s stock valued at $4,588,000 after acquiring an additional 41,540 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of Forward Air by 16.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 201,353 shares of the transportation company’s stock valued at $11,524,000 after acquiring an additional 27,969 shares during the period. Institutional investors own 95.70% of the company’s stock.
In related news, Chairman Bruce A. Campbell sold 34,281 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $55.01, for a total transaction of $1,885,797.81. Following the transaction, the chairman now directly owns 155,831 shares in the company, valued at approximately $8,572,263.31. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Bruce A. Campbell sold 500 shares of the business’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $55.45, for a total value of $27,725.00. Following the transaction, the chief executive officer now owns 153,454 shares in the company, valued at $8,509,024.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,549 shares of company stock worth $5,250,836. 2.40% of the stock is owned by company insiders.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.58. Forward Air had a return on equity of 13.76% and a net margin of 6.10%. The business had revenue of $280.20 million for the quarter, compared to the consensus estimate of $278.75 million. During the same period last year, the business posted $0.51 EPS. The business’s revenue was up 12.3% compared to the same quarter last year. sell-side analysts anticipate that Forward Air Co. will post 2.33 earnings per share for the current fiscal year.
FWRD has been the topic of a number of analyst reports. BidaskClub downgraded Forward Air from a “hold” rating to a “sell” rating in a report on Saturday. Cowen reiterated a “market perform” rating and issued a $54.00 price target (up from $51.00) on shares of Forward Air in a report on Monday, October 30th. Zacks Investment Research downgraded Forward Air from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Stifel Nicolaus lifted their price target on Forward Air from $47.00 to $52.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Finally, KeyCorp reiterated a “hold” rating on shares of Forward Air in a report on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Forward Air has an average rating of “Hold” and an average price target of $58.25.
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About Forward Air
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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