Federated Hermes Inc. Decreases Stock Holdings in Forward Air Corporation (NASDAQ:FWRD)

Key Points

• Federated Hermes Inc. significantly reduced its holdings in Forward Air Corporation by 87.6%, selling 90,626 shares in Q1, leaving it with just 12,771 shares worth $257,000.
• Several hedge funds have increased their stakes in Forward Air, with Sterling Capital Management LLC increasing by 812.5% and Byrne Asset Management LLC by 81.3% during the same quarter.
• Wall Street analysts are optimistic, with the average rating for Forward Air noted as a "Moderate Buy" and a consensus price target of $35.00.

Federated Hermes Inc. reduced its stake in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) by 87.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,771 shares of the transportation company's stock after selling 90,626 shares during the period. Federated Hermes Inc.'s holdings in Forward Air were worth $257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Point72 Asset Management L.P. boosted its holdings in Forward Air by 742.9% in the 4th quarter. Point72 Asset Management L.P. now owns 463,600 shares of the transportation company's stock worth $14,951,000 after buying an additional 408,600 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Forward Air in the 4th quarter worth approximately $9,198,000. Brevan Howard Capital Management LP lifted its stake in Forward Air by 1,355.0% in the 4th quarter. Brevan Howard Capital Management LP now owns 250,000 shares of the transportation company's stock worth $8,062,000 after purchasing an additional 232,818 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Forward Air in the 4th quarter worth approximately $6,290,000. Finally, Jefferies Financial Group Inc. lifted its stake in Forward Air by 148.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 285,670 shares of the transportation company's stock worth $9,213,000 after purchasing an additional 170,503 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Forward Air Price Performance

Shares of Forward Air stock traded up $0.55 on Tuesday, hitting $29.12. 1,270,214 shares of the company traded hands, compared to its average volume of 538,918. The firm's 50-day simple moving average is $25.91 and its 200 day simple moving average is $22.60. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 7.55. The company has a market cap of $885.83 million, a P/E ratio of -4.86 and a beta of 1.43. Forward Air Corporation has a 12-month low of $9.78 and a 12-month high of $40.92.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its earnings results on Monday, August 11th. The transportation company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.24). Forward Air had a negative net margin of 6.86% and a negative return on equity of 37.98%. The business had revenue of $618.84 million for the quarter, compared to the consensus estimate of $627.98 million. During the same period in the prior year, the business posted ($23.29) EPS. Forward Air's revenue for the quarter was down 3.9% on a year-over-year basis. Analysts expect that Forward Air Corporation will post -0.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stifel Nicolaus increased their target price on shares of Forward Air from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Susquehanna increased their target price on shares of Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research note on Tuesday. Finally, Wall Street Zen upgraded shares of Forward Air from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.75.

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.