Bank of America Corp DE Buys 76,149 Shares of Forward Air Corporation $FWRD

Key Points

• Bank of America acquired 76,149 shares of Forward Air in the second quarter, valued at approximately $1.03 million and representing about 0.24% of the company.
• Institutional interest remains high, with BlackRock, CIBC World Markets, Deutsche Bank and others also adding positions; institutions and hedge funds collectively own approximately 97.03% of FWRD.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $26.00, compared with shares opening at $15.91.

Bank of America Corp DE purchased a new stake in Forward Air Corporation (NASDAQ:FWRD - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 76,149 shares of the transportation company's stock, valued at approximately $1,029,000. Bank of America Corp DE owned approximately 0.24% of Forward Air as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FWRD. BlackRock Inc. purchased a new position in Forward Air during the 2nd quarter valued at about $37,485,000. Cibc World Market Inc. purchased a new position in shares of Forward Air during the 2nd quarter worth approximately $14,485,000. Deutsche Bank AG purchased a new position in shares of Forward Air during the 2nd quarter worth approximately $8,293,000. Melqart Asset Management UK Ltd raised its position in shares of 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 purchasing an additional 467,482 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Forward Air during the 2nd quarter worth approximately $2,987,000. Institutional investors and hedge funds own 97.03% of the company's stock.

Analysts Set New Price Targets

FWRD has been the topic of a number of analyst reports. Stifel Nicolaus increased their target price on Forward Air from $19.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Susquehanna cut their price target on Forward Air from $29.00 to $25.00 and set a "positive" rating for the company in a report on Friday. Wall Street Zen upgraded Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings raised Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, September 8th. Finally, Zacks Research cut Forward Air from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.00.

Forward Air Price Performance

Shares of NASDAQ FWRD opened at $15.91 on Friday. 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 fifty-two week low of $7.86 and a fifty-two week high of $31.17. The business has a 50 day moving average price of $16.58 and a two-hundred day moving average price of $15.36. The firm has a market cap of $503.07 million, a PE ratio of -1.79 and a beta of 1.41.

Forward Air Company Profile

Forward Air Corporation NASDAQ: FWRD is a transportation and logistics company that provides time-definite, expedited freight and supply-chain services. Its operations support the movement of shipments that require reliable scheduling, specialized handling, or faster transit than traditional freight services.

The company's service offerings include less-than-truckload transportation, truckload and intermodal services, final-mile delivery, freight forwarding, customs brokerage, warehousing, and related logistics solutions.

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