Cibc World Market Inc. Sells 85,840 Shares of Forward Air Corporation $FWRD

Cibc World Market Inc. lowered its stake in Forward Air Corporation (NASDAQ:FWRD) by 10.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 756,038 shares of the transportation company’s stock after selling 85,840 shares during the quarter. Cibc World Market Inc. owned approximately 2.46% of Forward Air worth $19,385,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FWRD. Integrity Financial Corp WA acquired a new position in shares of Forward Air during the 3rd quarter worth approximately $853,000. ProShare Advisors LLC bought a new stake in Forward Air during the third quarter worth $205,000. Optimize Financial Inc bought a new stake in Forward Air during the third quarter worth $272,000. Allianz Asset Management GmbH acquired a new stake in Forward Air in the third quarter valued at $8,295,000. Finally, Principal Financial Group Inc. grew its position in shares of Forward Air by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 105,604 shares of the transportation company’s stock valued at $2,708,000 after acquiring an additional 1,394 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

Forward Air Trading Down 8.7%

FWRD stock opened at $27.12 on Friday. Forward Air Corporation has a 52 week low of $9.78 and a 52 week high of $32.47. The company has a debt-to-equity ratio of 8.73, a quick ratio of 1.20 and a current ratio of 1.20. The company’s 50-day simple moving average is $26.95 and its 200 day simple moving average is $25.86. The company has a market capitalization of $847.50 million, a PE ratio of -7.04 and a beta of 1.35.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FWRD. Zacks Research cut Forward Air from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Jefferies Financial Group reissued a “buy” rating on shares of Forward Air in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Air in a research note on Thursday, January 22nd. Susquehanna lifted their target price on shares of Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a report on Monday, January 5th. Finally, Stifel Nicolaus increased their price target on shares of Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.00.

Forward Air Company Profile

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.