Clear Harbor Asset Management LLC Invests $1.09 Million in Forward Air Corporation $FWRD

Clear Harbor Asset Management LLC bought a new position in Forward Air Corporation (NASDAQ:FWRD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 42,560 shares of the transportation company’s stock, valued at approximately $1,091,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of FWRD. Royal Bank of Canada lifted its holdings in Forward Air by 1,179.7% in the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after buying an additional 296,001 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Forward Air by 47.3% during the second quarter. JPMorgan Chase & Co. now owns 786,883 shares of the transportation company’s stock valued at $19,310,000 after acquiring an additional 252,509 shares in the last quarter. Bank of America Corp DE lifted its stake in Forward Air by 24.7% in the second 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 period. Squarepoint Ops LLC boosted its holdings in Forward Air by 348.7% in the second quarter. Squarepoint Ops LLC now owns 140,751 shares of the transportation company’s stock valued at $3,454,000 after acquiring an additional 109,384 shares in the last quarter. Finally, Hudson Bay Capital Management LP boosted its holdings in Forward Air by 50.9% in the second quarter. Hudson Bay Capital Management LP now owns 261,428 shares of the transportation company’s stock valued at $6,415,000 after acquiring an additional 88,185 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Susquehanna upped their price objective on shares of Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a report on Monday. Stifel Nicolaus reduced their price target on shares of Forward Air from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a report on Thursday, November 6th. Zacks Research raised Forward Air from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Finally, Wall Street Zen lowered Forward Air from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.33.

Forward Air Trading Up 3.1%

NASDAQ:FWRD opened at $27.06 on Friday. The firm has a market capitalization of $845.63 million, a P/E ratio of -7.03 and a beta of 1.35. The company has a debt-to-equity ratio of 8.73, a current ratio of 1.20 and a quick ratio of 1.20. Forward Air Corporation has a one year low of $9.78 and a one year high of $35.47. The company’s 50-day simple moving average is $23.63 and its 200 day simple moving average is $25.60.

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