Forward Air (NASDAQ:FWRD) Major Shareholder Acquires $4,034,250.00 in Stock

Forward Air Corporation (NASDAQ:FWRD) major shareholder Cetus Capital Vi, L.P. purchased 225,000 shares of Forward Air stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $17.93 per share, with a total value of $4,034,250.00. Following the transaction, the insider owned 3,388,709 shares in the company, valued at approximately $60,759,552.37. The trade was a 7.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Forward Air Price Performance

NASDAQ:FWRD opened at $27.78 on Friday. Forward Air Corporation has a 52-week low of $9.78 and a 52-week high of $32.47. The company has a market cap of $868.13 million, a P/E ratio of -7.22 and a beta of 1.35. The company has a debt-to-equity ratio of 8.73, a quick ratio of 1.20 and a current ratio of 1.20. The stock’s 50-day simple moving average is $27.10 and its 200 day simple moving average is $25.73.

Institutional Investors Weigh In On Forward Air

Several hedge funds have recently modified their holdings of the company. Melqart Asset Management UK Ltd grew its position in Forward Air by 122.3% during the 4th quarter. Melqart Asset Management UK Ltd now owns 849,876 shares of the transportation company’s stock worth $21,247,000 after acquiring an additional 467,482 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in shares of Forward Air during the third quarter worth about $8,295,000. Vanguard Group Inc. increased its stake in shares of Forward Air by 15.1% in the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock valued at $60,347,000 after buying an additional 307,906 shares during the period. Royal Bank of Canada raised its holdings in Forward Air by 1,179.7% in the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock valued at $6,451,000 after buying an additional 296,001 shares during the last quarter. Finally, Rothschild Investment LLC boosted its position in Forward Air by 337,481.3% during the 3rd quarter. Rothschild Investment LLC now owns 270,065 shares of the transportation company’s stock worth $6,924,000 after buying an additional 269,985 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Forward Air from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Susquehanna increased their price target on Forward Air from $42.00 to $45.00 and gave the stock a “positive” rating in a research report on Monday, January 5th. Zacks Research lowered shares of Forward Air from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Forward Air in a research note on Thursday, January 22nd. Finally, Jefferies Financial Group restated a “buy” rating on shares of Forward Air in a research note on Thursday, November 6th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Forward Air currently has a consensus rating of “Hold” and an average target price of $35.00.

About Forward Air

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.