Bank of America Corp DE Decreases Stake in Forward Air Co. (NASDAQ:FWRD)

Bank of America Corp DE reduced its position in Forward Air Co. (NASDAQ:FWRD - Free Report) by 33.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 389,093 shares of the transportation company's stock after selling 199,846 shares during the period. Bank of America Corp DE owned approximately 1.34% of Forward Air worth $12,548,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FWRD. Adage Capital Partners GP L.L.C. purchased a new position in Forward Air in the 4th quarter valued at about $9,198,000. Renaissance Technologies LLC purchased a new position in Forward Air in the 4th quarter valued at about $6,290,000. Icon Advisers Inc. Co. purchased a new position in Forward Air in the 4th quarter valued at about $4,128,000. Mill Road Capital Management LLC purchased a new position in Forward Air in the 4th quarter valued at about $4,117,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Forward Air by 11.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 755,843 shares of the transportation company's stock valued at $24,376,000 after buying an additional 79,960 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Forward Air Stock Performance

Shares of FWRD stock opened at $17.29 on Friday. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. Forward Air Co. has a one year low of $9.79 and a one year high of $40.92. The company's 50-day simple moving average is $16.91 and its 200-day simple moving average is $26.23. The stock has a market capitalization of $526.01 million, a price-to-earnings ratio of -0.73 and a beta of 1.24.

Analysts Set New Price Targets

A number of research firms have weighed in on FWRD. Susquehanna decreased their price objective on shares of Forward Air from $35.00 to $32.00 and set a "positive" rating for the company in a research report on Monday, March 31st. Robert W. Baird reduced their price target on shares of Forward Air from $32.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Finally, Stifel Nicolaus reduced their price target on shares of Forward Air from $29.00 to $22.00 and set a "hold" rating on the stock in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Forward Air has an average rating of "Hold" and an average price target of $32.25.

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 shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling.

Want to see what other hedge funds are holding FWRD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Forward Air Co. (NASDAQ:FWRD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.