Forward Air Co. (NASDAQ:FWRD) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 582,300 shares, an increase of 29.3% from the August 15th total of 450,200 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 128,400 shares, the days-to-cover ratio is currently 4.5 days.
A number of hedge funds have recently modified their holdings of FWRD. Advisory Services Network LLC purchased a new stake in shares of Forward Air during the 2nd quarter worth about $26,000. Fifth Third Bancorp raised its position in Forward Air by 127.6% during the first quarter. Fifth Third Bancorp now owns 330 shares of the transportation company’s stock valued at $29,000 after acquiring an additional 185 shares in the last quarter. Eaton Vance Management acquired a new stake in Forward Air in the first quarter valued at approximately $32,000. Captrust Financial Advisors grew its position in Forward Air by 736.7% in the first quarter. Captrust Financial Advisors now owns 502 shares of the transportation company’s stock worth $45,000 after acquiring an additional 442 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in Forward Air by 810.4% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,047 shares of the transportation company’s stock worth $94,000 after acquiring an additional 932 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors.
Shares of FWRD stock traded up $1.43 during trading on Tuesday, hitting $84.37. 1,283 shares of the company were exchanged, compared to its average volume of 130,360. The business’s 50-day simple moving average is $87.45 and its 200 day simple moving average is $89.99. Forward Air has a twelve month low of $53.28 and a twelve month high of $100.93. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 42.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.75 and a current ratio of 1.75.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 9th. Investors of record on Friday, August 20th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $0.84 dividend on an annualized basis and a yield of 1.00%. Forward Air’s payout ratio is 44.44%.
Several research firms have recently weighed in on FWRD. TheStreet raised shares of Forward Air from a “c+” rating to a “b-” rating in a research report on Wednesday, August 11th. Zacks Investment Research raised shares of Forward Air from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a research note on Tuesday, June 15th. Finally, Raymond James increased their target price on Forward Air from $120.00 to $125.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 13th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $97.50.
About Forward Air
Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. It operates through the following segments: Expedited LTL and Intermodal. The Expedited LTL segment provides expedited regional, inter-regional and national LTL, final mile and truckload services.
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