Allianz Asset Management GmbH Makes New Investment in Forward Air Corporation $FWRD

Allianz Asset Management GmbH bought a new stake in shares of Forward Air Corporation (NASDAQ:FWRD) during the third quarter, HoldingsChannel reports. The firm bought 323,505 shares of the transportation company’s stock, valued at approximately $8,295,000.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in Forward Air by 1.3% during 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. AlphaQuest LLC lifted its holdings in shares of Forward Air by 541.5% during the third quarter. AlphaQuest LLC now owns 3,015 shares of the transportation company’s stock valued at $77,000 after purchasing an additional 2,545 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in shares of Forward Air in the 3rd quarter worth approximately $1,077,000. First Citizens Bank & Trust Co. grew its stake in shares of Forward Air by 76.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 26,636 shares of the transportation company’s stock worth $683,000 after buying an additional 11,510 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Forward Air by 75.2% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 25,508 shares of the transportation company’s stock worth $654,000 after buying an additional 10,945 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Forward Air Stock Up 1.0%

FWRD opened at $30.20 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 8.73. The company has a market capitalization of $943.75 million, a PE ratio of -7.84 and a beta of 1.35. Forward Air Corporation has a 52 week low of $9.78 and a 52 week high of $32.89. The firm has a 50-day simple moving average of $26.73 and a two-hundred day simple moving average of $25.83.

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.