Rhumbline Advisers trimmed its position in Forward Air Co. (NASDAQ:FWRD) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,326 shares of the transportation company’s stock after selling 2,553 shares during the quarter. Rhumbline Advisers owned 0.26% of Forward Air worth $5,473,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sun Life Financial INC acquired a new position in Forward Air in the 2nd quarter valued at $142,000. Everence Capital Management Inc. acquired a new position in Forward Air in the 3rd quarter valued at $205,000. Royal Bank of Canada grew its holdings in shares of Forward Air by 281.0% during the 1st quarter. Royal Bank of Canada now owns 2,995 shares of the transportation company’s stock worth $159,000 after purchasing an additional 2,209 shares in the last quarter. Vident Investment Advisory LLC acquired a new stake in shares of Forward Air during the 2nd quarter worth $357,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Forward Air during the 2nd quarter worth $368,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

FWRD opened at $61.72 on Friday. The firm has a market cap of $1.80 billion, a PE ratio of 21.76 and a beta of 1.53. Forward Air Co. has a 52-week low of $51.00 and a 52-week high of $72.81. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.07.

Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, October 24th. The transportation company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The company had revenue of $331.38 million for the quarter, compared to analyst estimates of $327.81 million. Forward Air had a return on equity of 15.63% and a net margin of 7.85%. Equities analysts forecast that Forward Air Co. will post 3.02 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be given a dividend of $0.18 per share. This is an increase from Forward Air’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Wednesday, November 21st. Forward Air’s dividend payout ratio is currently 30.51%.

In related news, Director George M. Lynch sold 1,965 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $60.52, for a total transaction of $118,921.80. Following the completion of the sale, the director now directly owns 9,972 shares in the company, valued at approximately $603,505.44. The sale was disclosed in a filing with the SEC, which is available through this link. 1.95% of the stock is owned by corporate insiders.

Several research firms have recently issued reports on FWRD. ValuEngine lowered Forward Air from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub raised Forward Air from a “hold” rating to a “buy” rating in a report on Thursday, November 22nd. Stephens lowered Forward Air from an “overweight” rating to an “equal” rating and reduced their target price for the stock from $74.00 to $67.00 in a report on Monday, October 29th. Deutsche Bank began coverage on Forward Air in a report on Tuesday, September 4th. They set a “buy” rating and a $72.00 target price on the stock. Finally, Stifel Nicolaus set a $68.00 target price on Forward Air and gave the stock a “hold” rating in a report on Thursday, October 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Forward Air currently has an average rating of “Buy” and an average target price of $68.75.

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About Forward Air

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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Institutional Ownership by Quarter for Forward Air (NASDAQ:FWRD)

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