Hsbc Holdings PLC Sells 11,355 Shares of Forward Air Corporation $FWRD

Key Points

• Hsbc Holdings PLC reduced its stake in Forward Air Corporation by 40.2%, now owning 16,913 shares valued at approximately $340,000.
• Forward Air reported a loss of ($0.41) earnings per share, significantly missing the expected ($0.17) EPS, alongside a revenue decline of 3.9% year-over-year.
• Analysts have raised their price targets for Forward Air, with Susquehanna setting a new target of $43.00 and Stifel Nicolaus raising theirs to $33.00, reflecting a positive outlook on the stock.

Hsbc Holdings PLC reduced its stake in Forward Air Corporation (NASDAQ:FWRD - Free Report) by 40.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,913 shares of the transportation company's stock after selling 11,355 shares during the quarter. Hsbc Holdings PLC owned approximately 0.06% of Forward Air worth $340,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Forward Air by 1,194.0% during the 1st quarter. GAMMA Investing LLC now owns 46,508 shares of the transportation company's stock valued at $934,000 after purchasing an additional 42,914 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Forward Air by 7.8% during the 1st quarter. New York State Common Retirement Fund now owns 294,682 shares of the transportation company's stock valued at $5,920,000 after purchasing an additional 21,220 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Forward Air by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 99,821 shares of the transportation company's stock valued at $2,005,000 after purchasing an additional 2,673 shares during the last quarter. Invesco Ltd. increased its position in shares of Forward Air by 43.5% during the 1st quarter. Invesco Ltd. now owns 273,211 shares of the transportation company's stock valued at $5,489,000 after purchasing an additional 82,834 shares during the last quarter. Finally, Kintayl Capital LP increased its holdings in Forward Air by 33.0% in the 1st quarter. Kintayl Capital LP now owns 223,087 shares of the transportation company's stock worth $4,482,000 after acquiring an additional 55,330 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FWRD shares. Susquehanna lifted their price objective on Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a report on Tuesday, August 12th. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Stifel Nicolaus lifted 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, July 24th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Forward Air has a consensus rating of "Moderate Buy" and an average target price of $37.75.

Forward Air Stock Performance

FWRD stock traded down $0.03 during trading on Tuesday, reaching $29.63. The stock had a trading volume of 55,319 shares, compared to its average volume of 643,042. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 7.91. The stock's 50 day moving average is $29.02 and its two-hundred day moving average is $22.28. The firm has a market cap of $912.22 million, a PE ratio of -4.94 and a beta of 1.40. Forward Air Corporation has a 52 week low of $9.78 and a 52 week high of $40.92.

Forward Air (NASDAQ:FWRD - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The transportation company reported ($0.41) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.24). Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The company had revenue of $618.84 million during the quarter, compared to analysts' expectations of $627.98 million. During the same quarter in the previous year, the company earned ($23.29) EPS. The business's quarterly revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts anticipate that Forward Air Corporation will post -0.72 earnings per share for the current year.

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.