Nuveen Asset Management LLC decreased its holdings in Forward Air Co. (NASDAQ:FWRD) by 8.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 308,929 shares of the transportation company’s stock after selling 27,661 shares during the quarter. Nuveen Asset Management LLC’s holdings in Forward Air were worth $27,436,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Morgan Stanley grew its holdings in Forward Air by 13.5% in the fourth quarter. Morgan Stanley now owns 111,654 shares of the transportation company’s stock worth $8,579,000 after purchasing an additional 13,285 shares during the last quarter. Truist Financial Corp purchased a new position in Forward Air in the fourth quarter worth $241,000. Bank of Montreal Can grew its holdings in Forward Air by 5.8% in the first quarter. Bank of Montreal Can now owns 8,361 shares of the transportation company’s stock worth $739,000 after purchasing an additional 455 shares during the last quarter. Confluence Investment Management LLC grew its holdings in Forward Air by 3.6% in the first quarter. Confluence Investment Management LLC now owns 71,571 shares of the transportation company’s stock worth $6,356,000 after purchasing an additional 2,512 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in Forward Air by 127.6% in the first quarter. Fifth Third Bancorp now owns 330 shares of the transportation company’s stock worth $29,000 after purchasing an additional 185 shares during the last quarter. 96.89% of the stock is owned by institutional investors.
Several research firms have issued reports on FWRD. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a report on Tuesday, June 15th. TheStreet lowered shares of Forward Air from a “b” rating to a “c+” rating in a report on Thursday, July 8th. Finally, Raymond James boosted their price objective on shares of Forward Air from $120.00 to $125.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 13th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $97.50.
Shares of FWRD opened at $88.94 on Thursday. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 94.62 and a beta of 1.15. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.22. Forward Air Co. has a 1-year low of $48.96 and a 1-year high of $100.93. The firm’s fifty day moving average is $92.20.
Forward Air (NASDAQ:FWRD) last posted its quarterly earnings results on Wednesday, April 28th. The transportation company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.16). Forward Air had a net margin of 2.00% and a return on equity of 10.51%. The business had revenue of $362.20 million during the quarter, compared to analysts’ expectations of $341.37 million. On average, equities research analysts forecast that Forward Air Co. will post 3.48 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 14th. Shareholders of record on Thursday, May 27th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend was Wednesday, May 26th. Forward Air’s payout ratio is 44.44%.
Forward Air Company Profile
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. The company operates through two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
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