Bank of New York Mellon Corp Takes Position in Forward Air Corporation $FWRD

Key Points

• Bank of New York Mellon purchased 73,092 Forward Air shares worth approximately $987,000, representing about 0.23% of the company.
• Institutional investors and hedge funds own 97.03% of Forward Air, with several firms initiating or increasing positions during the latest reporting periods.
• FWRD shares opened at $16.42, while analysts maintain an average “Hold” rating and a $28 price target; recent firms issued both upgrades and downgrades.

Bank of New York Mellon Corp purchased a new position in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 73,092 shares of the transportation company's stock, valued at approximately $987,000. Bank of New York Mellon Corp owned about 0.23% of Forward Air as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FWRD. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Forward Air in the fourth quarter valued at about $36,000. Tower Research Capital LLC TRC raised its position in shares of Forward Air by 207.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company's stock worth $64,000 after purchasing an additional 1,753 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Forward Air in the 4th quarter valued at approximately $74,000. Allied Private Wealth LLC acquired a new stake in Forward Air during the 2nd quarter valued at $57,000. Finally, Lazard Asset Management LLC acquired a new stake in Forward Air during the 2nd quarter valued at $107,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Stock Performance

Shares of FWRD stock opened at $16.42 on Friday. The company's fifty day simple moving average is $16.05 and its 200-day simple moving average is $16.15. The company has a market cap of $519.20 million, a PE ratio of -1.84 and a beta of 1.38. Forward Air Corporation has a 52 week low of $7.86 and a 52 week high of $31.17. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 13.98.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FWRD. Stifel Nicolaus upped their price objective 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 upgraded Forward Air from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Wall Street Zen raised shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Zacks Research lowered shares of Forward Air from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Finally, Susquehanna raised their price target on shares of Forward Air from $18.00 to $29.00 and gave the stock a "positive" rating in a research note on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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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