BlackRock Inc. Invests $37.48 Million in Forward Air Corporation $FWRD

Key Points

• BlackRock acquired 2.77 million Forward Air shares worth approximately $37.5 million in the second quarter, giving it an 8.77% stake. Institutional investors and hedge funds collectively own 97.03% of the company.
• Analyst sentiment is mixed but leans positive: Forward Air has a “Moderate Buy” consensus rating and a $28 average price target, compared with its opening price of $16.38.
• Forward Air’s shares remain well below their 52-week high of $31.30, while the company carries a high debt-to-equity ratio of 13.98 and reported a negative price-to-earnings ratio.

BlackRock Inc. acquired a new position in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,774,600 shares of the transportation company's stock, valued at approximately $37,485,000. BlackRock Inc. owned approximately 8.77% of Forward Air as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada lifted 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 worth $6,451,000 after buying an additional 296,001 shares in the last quarter. AQR Capital Management LLC increased its position in Forward Air by 7.0% during the first quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock worth $201,000 after acquiring an additional 654 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Forward Air by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company's stock worth $299,000 after acquiring an additional 624 shares during the period. Intech Investment Management LLC raised its stake in Forward Air by 64.2% in the 1st quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company's stock worth $1,467,000 after purchasing an additional 28,564 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in Forward Air by 6.6% in the 2nd quarter. Prudential Financial Inc. now owns 21,431 shares of the transportation company's stock worth $526,000 after purchasing an additional 1,323 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Analysts Set New Price Targets

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

Forward Air Price Performance

Shares of NASDAQ:FWRD opened at $16.38 on Wednesday. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $517.94 million, a price-to-earnings ratio of -1.84 and a beta of 1.38. The business has a 50-day simple moving average of $15.64 and a two-hundred day simple moving average of $16.66. Forward Air Corporation has a fifty-two week low of $7.86 and a fifty-two week high of $31.30.

About Forward Air

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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