Texas Permanent School Fund raised its stake in shares of Forward Air Co. (NASDAQ:FWRD – Get Rating) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,427 shares of the transportation company’s stock after purchasing an additional 315 shares during the period. Texas Permanent School Fund owned 0.07% of Forward Air worth $1,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FWRD. Mutual of America Capital Management LLC grew its stake in shares of Forward Air by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 3,885 shares of the transportation company’s stock valued at $380,000 after buying an additional 202 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Forward Air by 29.1% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 146,744 shares of the transportation company’s stock valued at $14,349,000 after buying an additional 33,080 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Forward Air by 2.2% during the first quarter. Envestnet Asset Management Inc. now owns 31,523 shares of the transportation company’s stock valued at $3,082,000 after buying an additional 685 shares during the last quarter. Isthmus Partners LLC grew its stake in shares of Forward Air by 2.8% during the first quarter. Isthmus Partners LLC now owns 20,558 shares of the transportation company’s stock valued at $2,010,000 after buying an additional 564 shares during the last quarter. Finally, Aptus Capital Advisors LLC grew its stake in shares of Forward Air by 7.1% during the first quarter. Aptus Capital Advisors LLC now owns 34,254 shares of the transportation company’s stock valued at $3,350,000 after buying an additional 2,275 shares during the last quarter. 99.33% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Forward Air in a research note on Monday, October 24th. They set a “buy” rating and a $120.00 target price on the stock. Raymond James dropped their price objective on Forward Air from $140.00 to $135.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 14th. Finally, StockNews.com raised Forward Air from a “hold” rating to a “buy” rating in a research note on Friday, November 4th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Forward Air has an average rating of “Moderate Buy” and an average target price of $135.29.
Forward Air Stock Performance
Forward Air (NASDAQ:FWRD – Get Rating) last issued its earnings results on Thursday, October 27th. The transportation company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. The company had revenue of $510.02 million during the quarter, compared to analyst estimates of $504.42 million. Forward Air had a return on equity of 29.52% and a net margin of 9.77%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the business posted $1.14 EPS. Equities research analysts predict that Forward Air Co. will post 7.45 earnings per share for the current fiscal year.
Forward Air Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 8th. Investors of record on Wednesday, November 23rd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Tuesday, November 22nd. Forward Air’s dividend payout ratio is presently 13.68%.
Forward Air Company Profile
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.
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