Y Intercept Hong Kong Ltd Decreases Position in Forward Air Corporation $FWRD

Y Intercept Hong Kong Ltd lessened its stake in Forward Air Corporation (NASDAQ:FWRD) by 77.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,762 shares of the transportation company’s stock after selling 57,656 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.05% of Forward Air worth $430,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FWRD. Ridgemont Partners Management LLC increased its position in Forward Air by 0.7% in the third quarter. Ridgemont Partners Management LLC now owns 1,937,405 shares of the transportation company’s stock worth $49,675,000 after buying an additional 13,926 shares during the last quarter. Private Management Group Inc. grew its stake in shares of Forward Air by 8.7% during the 2nd quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company’s stock worth $25,674,000 after acquiring an additional 83,600 shares during the period. JPMorgan Chase & Co. increased its holdings in Forward Air by 47.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 786,883 shares of the transportation company’s stock worth $19,310,000 after acquiring an additional 252,509 shares during the last quarter. Bank of America Corp DE increased its holdings in Forward Air by 24.7% in the 2nd quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company’s stock worth $15,002,000 after acquiring an additional 121,190 shares during the last quarter. Finally, Jefferies Financial Group Inc. raised its stake in Forward Air by 7.0% in the 2nd quarter. Jefferies Financial Group Inc. now owns 384,634 shares of the transportation company’s stock valued at $9,439,000 after acquiring an additional 25,283 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Wall Street Analyst Weigh In

FWRD has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research report on Thursday, January 22nd. Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Stifel Nicolaus lifted their price objective on shares of Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Susquehanna boosted their target price on shares of Forward Air from $42.00 to $45.00 and gave the company a “positive” rating in a report on Monday, January 5th. Finally, Wall Street Zen lowered Forward Air from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.00.

Forward Air Stock Performance

Forward Air stock opened at $29.72 on Thursday. Forward Air Corporation has a 1-year low of $9.78 and a 1-year high of $33.00. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 8.73. The firm has a market capitalization of $928.75 million, a PE ratio of -7.72 and a beta of 1.35. The firm’s 50 day simple moving average is $26.36 and its 200 day simple moving average is $25.85.

Forward Air (NASDAQ:FWRD) last released its quarterly earnings results on Wednesday, November 5th. The transportation company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.39). The firm had revenue of $631.76 million for the quarter, compared to analysts’ expectations of $645.45 million. Forward Air had a negative net margin of 4.64% and a negative return on equity of 33.13%. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter last year, the firm earned ($2.62) earnings per share. As a group, analysts expect that Forward Air Corporation will post -0.72 earnings per share for the current fiscal year.

About Forward Air

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.