Strs Ohio lessened its holdings in Forward Air Co. (NASDAQ:FWRD – Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,100 shares of the transportation company’s stock after selling 300 shares during the quarter. Strs Ohio’s holdings in Forward Air were worth $1,088,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Exchange Traded Concepts LLC bought a new position in shares of Forward Air during the first quarter valued at $35,000. Lazard Asset Management LLC acquired a new position in Forward Air during the 1st quarter worth about $45,000. CWM LLC grew its position in shares of Forward Air by 45.5% in the 4th quarter. CWM LLC now owns 480 shares of the transportation company’s stock valued at $50,000 after buying an additional 150 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Forward Air by 39.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 653 shares of the transportation company’s stock valued at $68,000 after buying an additional 185 shares during the period. Finally, Captrust Financial Advisors raised its position in shares of Forward Air by 156.0% during the first quarter. Captrust Financial Advisors now owns 1,298 shares of the transportation company’s stock worth $127,000 after acquiring an additional 791 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently commented on FWRD shares. Susquehanna reduced their target price on Forward Air from $138.00 to $125.00 in a report on Wednesday, May 3rd. StockNews.com began coverage on shares of Forward Air in a research note on Thursday, May 18th. They set a “hold” rating for the company. Robert W. Baird raised shares of Forward Air from a “neutral” rating to an “outperform” rating and upped their price target for the company from $106.00 to $130.00 in a research report on Wednesday. Raymond James lowered their price objective on Forward Air from $128.00 to $115.00 in a research report on Wednesday, May 3rd. Finally, Stifel Nicolaus decreased their target price on Forward Air from $123.00 to $116.00 in a research note on Wednesday, May 10th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Forward Air currently has an average rating of “Moderate Buy” and a consensus target price of $120.17.
Forward Air Stock Performance
Forward Air (NASDAQ:FWRD – Get Free Report) last released its quarterly earnings data on Monday, May 1st. The transportation company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.30 by $0.07. Forward Air had a return on equity of 27.50% and a net margin of 9.66%. The firm had revenue of $427.07 million during the quarter, compared to the consensus estimate of $460.54 million. During the same quarter in the previous year, the company posted $1.57 earnings per share. The company’s quarterly revenue was down 8.5% on a year-over-year basis. On average, research analysts anticipate that Forward Air Co. will post 5.64 earnings per share for the current fiscal year.
Forward Air Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Stockholders of record on Thursday, May 25th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Wednesday, May 24th. Forward Air’s dividend payout ratio is currently 13.83%.
About Forward Air
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in 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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