Assenagon Asset Management S.A. purchased a new stake in Forward Air Co. (NASDAQ:FWRD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,909 shares of the transportation company’s stock, valued at approximately $1,643,000. Assenagon Asset Management S.A. owned approximately 0.08% of Forward Air at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of FWRD. BlackRock Inc. raised its holdings in Forward Air by 8.3% in the second quarter. BlackRock Inc. now owns 4,070,423 shares of the transportation company’s stock valued at $240,480,000 after acquiring an additional 312,075 shares in the last quarter. TD Asset Management Inc. raised its holdings in Forward Air by 1,840.4% in the second quarter. TD Asset Management Inc. now owns 182,400 shares of the transportation company’s stock valued at $10,776,000 after acquiring an additional 173,000 shares in the last quarter. Scopus Asset Management L.P. acquired a new stake in Forward Air in the second quarter valued at $8,510,000. WINTON GROUP Ltd acquired a new stake in Forward Air in the second quarter valued at $8,233,000. Finally, Deprince Race & Zollo Inc. raised its holdings in Forward Air by 29.9% in the second quarter. Deprince Race & Zollo Inc. now owns 434,525 shares of the transportation company’s stock valued at $25,672,000 after acquiring an additional 100,134 shares in the last quarter. 94.12% of the stock is currently owned by hedge funds and other institutional investors.
FWRD stock opened at $61.38 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.66 and a quick ratio of 2.66. Forward Air Co. has a 1-year low of $49.88 and a 1-year high of $72.81. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 26.01 and a beta of 1.52.
Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, October 24th. The transportation company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Forward Air had a net margin of 7.85% and a return on equity of 15.63%. The firm had revenue of $331.38 million during the quarter, compared to analyst estimates of $327.81 million. Equities research analysts predict that Forward Air Co. will post 3.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.18 per share. This is a positive change from Forward Air’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, November 21st. This represents a $0.72 annualized dividend and a yield of 1.17%. Forward Air’s payout ratio is presently 25.42%.
In other Forward Air news, Director George M. Lynch sold 1,965 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $60.52, for a total transaction of $118,921.80. Following the completion of the sale, the director now owns 9,972 shares in the company, valued at $603,505.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Bruce A. Campbell sold 8,790 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $64.53, for a total transaction of $567,218.70. Following the sale, the chairman now owns 138,442 shares of the company’s stock, valued at approximately $8,933,662.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,985 shares of company stock valued at $2,310,672. 1.95% of the stock is owned by insiders.
FWRD has been the topic of several recent analyst reports. BidaskClub cut shares of Forward Air from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. ValuEngine raised shares of Forward Air from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. Stephens set a $70.00 price target on shares of Forward Air and gave the company a “buy” rating in a report on Friday, July 27th. Deutsche Bank set a $73.00 price target on shares of Forward Air and gave the company a “buy” rating in a report on Thursday, September 27th. Finally, Stifel Nicolaus upped their price target on shares of Forward Air from $64.00 to $68.00 and gave the company a “hold” rating in a report on Thursday, July 26th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $68.75.
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About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-than-truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).
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