Goldman Sachs Group Inc. Lowers Stock Holdings in Forward Air Corporation $FWRD

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Forward Air Corporation by 11.9%, owning approximately 1.08% of the company after selling 44,340 shares.
• Forward Air's recent earnings report showed a loss of ($0.41) EPS, missing analyst expectations, with a revenue decline of 3.9% year-over-year.
• Wall Street analysts have upgraded Forward Air's ratings, with three giving it a Buy rating and the average target price set at $37.75.

Goldman Sachs Group Inc. lowered its stake in Forward Air Corporation (NASDAQ:FWRD - Free Report) by 11.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 328,993 shares of the transportation company's stock after selling 44,340 shares during the period. Goldman Sachs Group Inc. owned about 1.08% of Forward Air worth $6,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Byrne Asset Management LLC raised its position in Forward Air by 81.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,940 shares of the transportation company's stock valued at $39,000 after purchasing an additional 870 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Forward Air in the 4th quarter valued at about $72,000. Quantinno Capital Management LP raised its position in Forward Air by 9.7% in the 4th quarter. Quantinno Capital Management LP now owns 6,949 shares of the transportation company's stock valued at $224,000 after purchasing an additional 615 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Forward Air in the 4th quarter valued at about $240,000. Finally, AQR Capital Management LLC raised its position in Forward Air by 7.0% in the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company's stock valued at $201,000 after purchasing an additional 654 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Forward Air from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Stifel Nicolaus increased 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. Finally, Susquehanna raised their target price on Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research report on Tuesday, August 12th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Forward Air currently has a consensus rating of "Moderate Buy" and an average target price of $37.75.

Forward Air Trading Down 1.8%

FWRD opened at $29.35 on Monday. The firm has a market cap of $903.69 million, a price-to-earnings ratio of -4.90 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. The business's 50 day moving average is $29.31 and its two-hundred day moving average is $22.38. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 7.91.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its quarterly 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). The firm had revenue of $618.84 million for the quarter, compared to analyst estimates of $627.98 million. Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the firm earned ($23.29) EPS. On average, research analysts predict that Forward Air Corporation will post -0.72 EPS for the current year.

Forward Air 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.

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