Forward Air Co. (FWRD) Position Lowered by Meeder Asset Management Inc.
Meeder Asset Management Inc. cut its holdings in shares of Forward Air Co. (NASDAQ:FWRD) by 32.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,866 shares of the transportation company’s stock after selling 1,376 shares during the period. Meeder Asset Management Inc.’s holdings in Forward Air were worth $205,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Forward Air by 8.3% in the second quarter. BlackRock Inc. now owns 4,070,423 shares of the transportation company’s stock valued at $240,480,000 after acquiring an additional 312,075 shares during the period. Victory Capital Management Inc. lifted its holdings in Forward Air by 18.8% in the third quarter. Victory Capital Management Inc. now owns 1,192,218 shares of the transportation company’s stock valued at $85,482,000 after acquiring an additional 188,810 shares during the period. TD Asset Management Inc. lifted its holdings in Forward Air by 1,840.4% in the second quarter. TD Asset Management Inc. now owns 182,400 shares of the transportation company’s stock valued at $10,776,000 after acquiring an additional 173,000 shares during the period. Scopus Asset Management L.P. bought a new position in Forward Air in the second quarter valued at about $8,510,000. Finally, WINTON GROUP Ltd bought a new position in Forward Air in the second quarter valued at about $8,233,000. 94.04% of the stock is currently owned by institutional investors.
FWRD stock opened at $60.67 on Wednesday. Forward Air Co. has a fifty-two week low of $49.88 and a fifty-two week high of $72.81. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.66 and a current ratio of 2.66. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 21.40 and a beta of 1.52.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be paid a $0.18 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $0.72 annualized dividend and a dividend yield of 1.19%. This is an increase from Forward Air’s previous quarterly dividend of $0.15. Forward Air’s dividend payout ratio (DPR) is 25.42%.
In other news, insider Matthew J. Jewell sold 8,080 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $63.00, for a total value of $509,040.00. Following the transaction, the insider now owns 51,409 shares of the company’s stock, valued at $3,238,767. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Bruce A. Campbell sold 8,790 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $64.53, for a total value of $567,218.70. Following the completion of the transaction, the chairman now directly owns 138,442 shares in the company, valued at approximately $8,933,662.26. The disclosure for this sale can be found here. Insiders sold 35,985 shares of company stock worth $2,310,672 in the last ninety days. Corporate insiders own 1.95% of the company’s stock.
A number of research firms have weighed in on FWRD. Stephens downgraded Forward Air from an “overweight” rating to an “equal” rating and lowered their target price for the company from $74.00 to $67.00 in a report on Monday, October 29th. ValuEngine downgraded Forward Air from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Stifel Nicolaus set a $68.00 target price on Forward Air and gave the company a “hold” rating in a report on Thursday, October 25th. BidaskClub downgraded Forward Air from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Zacks Investment Research downgraded Forward Air from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $68.75.
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Forward Air 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).
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