Bank of America Corp DE Has $5.20 Million Stock Position in Forward Air Corporation $FWRD

Key Points

• Bank of America reduced its Forward Air stake by 19.1% in the first quarter, selling 73,601 shares and retaining 311,107 shares worth approximately $5.20 million. Institutional investors collectively own 97.03% of the company.
• Several institutions increased their positions, led by Royal Bank of Canada, which raised its holdings by 1,179.7% to 321,092 shares.
• Forward Air shares opened at $17.70, while analysts maintain a “Moderate Buy” consensus with an average price target of $28.00, despite significant financial leverage and mixed individual ratings.

Bank of America Corp DE lowered its stake in Forward Air Corporation (NASDAQ:FWRD - Free Report) by 19.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 311,107 shares of the transportation company's stock after selling 73,601 shares during the quarter. Bank of America Corp DE owned approximately 0.98% of Forward Air worth $5,199,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FWRD. Royal Bank of Canada raised its holdings in shares of Forward Air by 1,179.7% during the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company's stock valued at $6,451,000 after acquiring an additional 296,001 shares during the period. AQR Capital Management LLC boosted its stake in Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock worth $201,000 after purchasing an additional 654 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Forward Air by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company's stock worth $299,000 after purchasing an additional 624 shares in the last quarter. Intech Investment Management LLC raised its stake in Forward Air by 64.2% during the 1st quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company's stock valued at $1,467,000 after purchasing an additional 28,564 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in shares of Forward Air by 6.6% in the second quarter. Prudential Financial Inc. now owns 21,431 shares of the transportation company's stock valued at $526,000 after purchasing an additional 1,323 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Forward Air Trading Up 0.4%

Shares of NASDAQ FWRD opened at $17.70 on Friday. The business has a 50 day simple moving average of $15.45 and a 200 day simple moving average of $16.94. Forward Air Corporation has a 52 week low of $7.86 and a 52 week high of $32.00. The stock has a market cap of $559.67 million, a price-to-earnings ratio of -1.99 and a beta of 1.36. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FWRD shares. Stifel Nicolaus upped their price target on Forward Air from $19.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings cut Forward Air from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, August 21st. Susquehanna boosted their price objective on shares of Forward Air from $18.00 to $29.00 and gave the company a "positive" rating in a research report on Thursday, August 13th. Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Zacks Research upgraded shares of Forward Air from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Forward Air has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Forward Air Profile

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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