Bank of New York Mellon Corp Has $3.58 Million Stock Holdings in Forward Air Corporation (NASDAQ:FWRD)

Bank of New York Mellon Corp cut its stake in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) by 13.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,149 shares of the transportation company's stock after selling 28,715 shares during the period. Bank of New York Mellon Corp owned approximately 0.59% of Forward Air worth $3,579,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Principal Financial Group Inc. raised its position in shares of Forward Air by 2.8% during the first quarter. Principal Financial Group Inc. now owns 99,821 shares of the transportation company's stock worth $2,005,000 after purchasing an additional 2,673 shares during the period. Byrne Asset Management LLC raised its position in shares of Forward Air by 81.3% during the first quarter. Byrne Asset Management LLC now owns 1,940 shares of the transportation company's stock worth $39,000 after purchasing an additional 870 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Forward Air during the first quarter worth $2,750,000. Sugar Maple Asset Management LLC raised its position in shares of Forward Air by 23.9% during the first quarter. Sugar Maple Asset Management LLC now owns 25,900 shares of the transportation company's stock worth $520,000 after purchasing an additional 5,000 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Forward Air by 1,194.0% during the first quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company's stock worth $934,000 after purchasing an additional 42,914 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

Forward Air Stock Performance

Shares of FWRD stock opened at $32.11 on Friday. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.13 and a quick ratio of 1.13. Forward Air Corporation has a fifty-two week low of $9.78 and a fifty-two week high of $40.92. The stock's 50-day moving average is $22.82 and its two-hundred day moving average is $22.89. The firm has a market cap of $976.79 million, a P/E ratio of -1.11 and a beta of 1.41.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FWRD shares. Susquehanna dropped their price target on Forward Air from $35.00 to $32.00 and set a "positive" rating on the stock in a research report on Monday, March 31st. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Stifel Nicolaus upped their price target on Forward Air from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Forward Air 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.

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