Scopus Asset Management L.P. bought a new position in Forward Air Co. (NASDAQ:FWRD) during the 1st quarter, HoldingsChannel reports. The fund bought 52,893 shares of the transportation company’s stock, valued at approximately $4,697,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Voloridge Investment Management LLC bought a new position in Forward Air during the first quarter valued at approximately $296,000. Eaton Vance Management bought a new position in Forward Air during the first quarter valued at approximately $32,000. Morgan Stanley lifted its position in Forward Air by 3.6% during the first quarter. Morgan Stanley now owns 115,653 shares of the transportation company’s stock valued at $10,271,000 after purchasing an additional 3,999 shares during the period. American Capital Management Inc. lifted its position in Forward Air by 15.7% during the first quarter. American Capital Management Inc. now owns 74,618 shares of the transportation company’s stock valued at $6,627,000 after purchasing an additional 10,100 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in Forward Air during the first quarter valued at approximately $1,441,000. Hedge funds and other institutional investors own 96.89% of the company’s stock.
In related news, Director George S. Mayes, Jr. bought 500 shares of the company’s stock in a transaction that occurred on Monday, June 14th. The stock was purchased at an average price of $91.53 per share, for a total transaction of $45,765.00. Following the completion of the transaction, the director now owns 2,177 shares in the company, valued at $199,260.81. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael L. Hance sold 5,000 shares of the company’s stock in a transaction on Thursday, May 13th. The stock was sold at an average price of $95.49, for a total transaction of $477,450.00. Following the transaction, the insider now owns 43,722 shares of the company’s stock, valued at approximately $4,175,013.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,484 shares of company stock valued at $2,356,288. Corporate insiders own 1.50% of the company’s stock.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings data on Wednesday, April 28th. The transportation company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.16). The firm had revenue of $362.20 million during the quarter, compared to analysts’ expectations of $341.37 million. Forward Air had a return on equity of 10.51% and a net margin of 2.00%. Sell-side analysts predict that Forward Air Co. will post 3.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 14th. Stockholders of record on Thursday, May 27th were paid a $0.21 dividend. The ex-dividend date was Wednesday, May 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.96%. Forward Air’s dividend payout ratio (DPR) is presently 44.44%.
A number of research analysts recently weighed in on FWRD shares. Raymond James increased their price objective on shares of Forward Air from $120.00 to $125.00 and gave the company a “strong-buy” rating in a research report on Tuesday, July 13th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a report on Tuesday, June 15th. Finally, TheStreet cut shares of Forward Air from a “b” rating to a “c+” rating in a report on Thursday, July 8th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $97.50.
Forward Air 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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