River Road Asset Management LLC Buys 11,980 Shares of Forward Air Co. (FWRD)
River Road Asset Management LLC raised its stake in Forward Air Co. (NASDAQ:FWRD) by 3.0% in the 4th quarter, Holdings Channel reports. The firm owned 416,725 shares of the transportation company’s stock after acquiring an additional 11,980 shares during the period. River Road Asset Management LLC’s holdings in Forward Air were worth $23,937,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in FWRD. Ameritas Investment Partners Inc. lifted its position in Forward Air by 10.3% in the second quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 246 shares during the last quarter. Meeder Asset Management Inc. lifted its position in Forward Air by 1,496.7% in the third quarter. Meeder Asset Management Inc. now owns 3,385 shares of the transportation company’s stock valued at $194,000 after purchasing an additional 3,173 shares during the last quarter. BB&T Corp bought a new stake in Forward Air in the third quarter valued at approximately $208,000. Everence Capital Management Inc. bought a new position in shares of Forward Air during the fourth quarter valued at approximately $218,000. Finally, Amalgamated Bank bought a new position in shares of Forward Air during the second quarter valued at approximately $222,000. Hedge funds and other institutional investors own 95.88% of the company’s stock.
In other Forward Air news, Chairman Bruce A. Campbell sold 34,281 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $55.01, for a total value of $1,885,797.81. Following the transaction, the chairman now owns 155,831 shares of the company’s stock, valued at $8,572,263.31. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Chris C. Ruble sold 23,020 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $57.75, for a total value of $1,329,405.00. Following the completion of the transaction, the insider now directly owns 28,279 shares in the company, valued at approximately $1,633,112.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,909 shares of company stock worth $5,157,356. Corporate insiders own 2.40% of the company’s stock.
Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, February 7th. The transportation company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $306.10 million for the quarter, compared to analysts’ expectations of $301.47 million. Forward Air had a return on equity of 14.08% and a net margin of 7.93%. The company’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 earnings per share. equities research analysts anticipate that Forward Air Co. will post 2.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Thursday, March 8th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Wednesday, March 7th. Forward Air’s payout ratio is currently 20.76%.
A number of equities analysts recently commented on the company. Stephens restated a “buy” rating and set a $80.00 target price on shares of Forward Air in a report on Wednesday, January 10th. Robert W. Baird upgraded Forward Air from a “neutral” rating to an “outperform” rating in a report on Thursday, January 18th. BidaskClub upgraded Forward Air from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Stifel Nicolaus upped their target price on Forward Air from $47.00 to $52.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Finally, Zacks Investment Research cut Forward Air from a “hold” rating to a “sell” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.60.
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About Forward Air
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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