1,072,138 Shares in Forward Air Corporation $FWRD Purchased by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. acquired 1,072,138 Forward Air shares worth approximately $14.5 million, giving it a 3.39% stake. Institutional investors collectively own 97.03% of the company.
• Analyst sentiment is mixed but leans positive: Forward Air has an average “Moderate Buy” rating and a $28.00 average price target, with recent upgrades from Susquehanna, Stifel Nicolaus, and Zacks Research.
• Forward Air shares opened at $17.57 after a 3.0% decline, compared with a 12-month range of $7.86 to $32.00. The company provides expedited ground transportation and logistics services across North America.

Cibc World Market Inc. acquired a new position in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,072,138 shares of the transportation company's stock, valued at approximately $14,485,000. Cibc World Market Inc. owned about 3.39% of Forward Air as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in shares of Forward Air during the first quarter valued at approximately $3,535,000. Dimensional Fund Advisors LP raised its position in Forward Air by 108.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 318,858 shares of the transportation company's stock worth $5,328,000 after purchasing an additional 166,084 shares during the last quarter. AlpInvest Partners B.V. bought a new position in Forward Air in the 2nd quarter worth approximately $1,396,000. Carlyle Group Inc. acquired a new position in Forward Air during the 2nd quarter worth $1,448,000. Finally, Deutsche Bank AG acquired a new position in Forward Air during the 2nd quarter worth $8,293,000. 97.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FWRD has been the subject of several research reports. Susquehanna lifted their target price on Forward Air from $18.00 to $29.00 and gave the company a "positive" rating in a research note on Thursday, August 13th. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings cut Forward Air from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday. Zacks Research upgraded Forward Air from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Finally, Stifel Nicolaus boosted their price target on shares of Forward Air from $19.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $28.00.

Forward Air Stock Down 3.0%

Shares of Forward Air stock opened at $17.57 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 13.98. Forward Air Corporation has a 12 month low of $7.86 and a 12 month high of $32.00. The business has a fifty day simple moving average of $15.21 and a 200 day simple moving average of $17.19. The stock has a market cap of $555.56 million, a PE ratio of -1.97 and a beta of 1.36.

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.

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