Synovus Financial Corp purchased a new stake in Forward Air Co. (NASDAQ:FWRD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,136 shares of the transportation company’s stock, valued at approximately $461,000.
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Several other hedge funds have also recently made changes to their positions in FWRD. Point72 Asset Management L.P. acquired a new position in shares of Forward Air during the 2nd quarter worth about $30,000. Pathstone Family Office LLC bought a new stake in shares of Forward Air in the 2nd quarter valued at about $31,000. Advisory Services Network LLC raised its holdings in shares of Forward Air by 70.8% in the 2nd quarter. Advisory Services Network LLC now owns 683 shares of the transportation company’s stock valued at $41,000 after purchasing an additional 283 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Forward Air in the 2nd quarter valued at about $47,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Forward Air by 3,740.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,229 shares of the transportation company’s stock valued at $73,000 after purchasing an additional 1,197 shares during the period. 95.46% of the stock is owned by institutional investors.
In related news, insider Glenn A. Adelaar sold 4,917 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $61.05, for a total transaction of $300,182.85. Following the sale, the insider now directly owns 41,177 shares of the company’s stock, valued at approximately $2,513,855.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.04% of the company’s stock.
A number of equities research analysts have recently issued reports on FWRD shares. Robert W. Baird set a $75.00 target price on shares of Forward Air and gave the company a “buy” rating in a report on Friday, October 25th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Thursday, October 31st. Finally, BidaskClub raised shares of Forward Air from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $76.67.
Forward Air stock traded down $0.11 during trading hours on Friday, hitting $69.71. The company had a trading volume of 172,100 shares, compared to its average volume of 141,767. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.54 and a quick ratio of 1.54. Forward Air Co. has a one year low of $51.54 and a one year high of $72.09. The firm has a market cap of $1.97 billion, a PE ratio of 22.34 and a beta of 1.54. The firm has a 50-day moving average of $65.90 and a 200 day moving average of $61.80.
Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Thursday, October 24th. The transportation company reported $0.78 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The business had revenue of $361.70 million during the quarter, compared to analyst estimates of $354.91 million. Forward Air had a net margin of 6.54% and a return on equity of 17.06%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. As a group, research analysts expect that Forward Air Co. will post 3.23 earnings per share for the current year.
The firm also recently declared a dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. Forward Air’s payout ratio is 23.08%.
Forward Air Company Profile
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).