Forward Air Corporation $FWRD Stake Decreased by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. trimmed its stake in Forward Air by 36.2% in Q3, selling 285,166 shares and leaving it with 501,717 shares (about 1.63% of the company) valued at roughly $12.9 million.
• Forward Air reported quarterly EPS of ($0.28), missing estimates by $0.01 while posting $631.2 million in revenue; the company remains unprofitable with a negative ROE (42.67%) and net margin (-4.32%), and a negative P/E.
• Analyst sentiment is mixed (three Buys, two Sells) with a MarketBeat consensus rating of Hold and an average price target of $37, while institutional investors own about 97.03% of the stock.

JPMorgan Chase & Co. trimmed its holdings in Forward Air Corporation (NASDAQ:FWRD - Free Report) by 36.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 501,717 shares of the transportation company's stock after selling 285,166 shares during the quarter. JPMorgan Chase & Co. owned about 1.63% of Forward Air worth $12,864,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Ridgemont Partners Management LLC grew its stake in shares of Forward Air by 0.7% in the third quarter. Ridgemont Partners Management LLC now owns 1,937,405 shares of the transportation company's stock worth $49,675,000 after purchasing an additional 13,926 shares in the last quarter. Private Management Group Inc. boosted its stake in Forward Air by 8.7% during the second quarter. Private Management Group Inc. now owns 1,046,226 shares of the transportation company's stock valued at $25,674,000 after buying an additional 83,600 shares in the last quarter. Bank of America Corp DE grew its holdings in Forward Air by 24.7% during the second quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company's stock worth $15,002,000 after acquiring an additional 121,190 shares during the period. Jefferies Financial Group Inc. grew its stake in shares of Forward Air by 7.0% in the 2nd quarter. Jefferies Financial Group Inc. now owns 384,634 shares of the transportation company's stock worth $9,439,000 after purchasing an additional 25,283 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new position in Forward Air in the third quarter worth approximately $8,295,000. Institutional investors and hedge funds own 97.03% of the company's stock.

Forward Air Price Performance

Shares of NASDAQ:FWRD opened at $23.88 on Friday. Forward Air Corporation has a twelve month low of $9.78 and a twelve month high of $32.47. The company has a quick ratio of 1.20, a current ratio of 1.22 and a debt-to-equity ratio of 10.58. The company has a market cap of $746.25 million, a price-to-earnings ratio of -6.78 and a beta of 1.33. The business has a 50 day moving average price of $27.12 and a 200 day moving average price of $25.44.

Forward Air (NASDAQ:FWRD - Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The transportation company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Forward Air had a negative return on equity of 42.67% and a negative net margin of 4.32%.The company had revenue of $631.23 million during the quarter, compared to analyst estimates of $629.60 million. During the same quarter in the prior year, the business earned ($1.23) earnings per share. The business's revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts predict that Forward Air Corporation will post -0.72 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Forward Air in a research report on Thursday, January 22nd. Susquehanna reiterated a "positive" rating and issued a $42.00 target price on shares of Forward Air in a report on Tuesday, February 24th. Zacks Research cut shares of Forward Air from a "hold" rating to a "strong sell" rating in a report on Tuesday, January 13th. Stifel Nicolaus boosted their target price on Forward Air from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group restated a "buy" rating on shares of Forward Air in a report on Thursday, November 6th. Three analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, Forward Air has a consensus rating of "Hold" and an average price target of $37.00.

Forward Air Company 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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