Invesco Ltd. Boosts Position in Forward Air Corporation $FWRD

Key Points

• Invesco Ltd. increased its stake in Forward Air Corporation by 43.5% in the first quarter, acquiring an additional 82,834 shares, resulting in total ownership of 273,211 shares valued at approximately $5.5 million.
• The company's latest quarterly earnings report revealed a loss of ($0.41) earnings per share, falling short of analysts' expectations and reflecting a 3.9% decline in revenue year-on-year.
• Analysts have recently updated their price targets for Forward Air, with estimates ranging from $33.00 to $43.00, and a consensus rating of "Moderate Buy".

Invesco Ltd. increased its stake in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) by 43.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 273,211 shares of the transportation company's stock after buying an additional 82,834 shares during the period. Invesco Ltd. owned about 0.90% of Forward Air worth $5,489,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Forward Air by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,251 shares of the transportation company's stock valued at $460,000 after purchasing an additional 498 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Forward Air by 9.7% during the fourth quarter. Quantinno Capital Management LP now owns 6,949 shares of the transportation company's stock worth $224,000 after buying an additional 615 shares in the last quarter. Byrne Asset Management LLC lifted its holdings in shares of Forward Air by 81.3% during the first quarter. Byrne Asset Management LLC now owns 1,940 shares of the transportation company's stock valued at $39,000 after acquiring an additional 870 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Forward Air by 7.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 22,950 shares of the transportation company's stock valued at $741,000 after buying an additional 1,524 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Forward Air by 4.9% during the 1st quarter. Swiss National Bank now owns 42,900 shares of the transportation company's stock worth $862,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Forward Air Price Performance

Shares of NASDAQ:FWRD traded down $0.76 on Tuesday, hitting $29.27. The company's stock had a trading volume of 340,736 shares, compared to its average volume of 605,927. The company has a 50-day simple moving average of $28.55 and a 200 day simple moving average of $22.35. Forward Air Corporation has a 1 year low of $9.78 and a 1 year high of $40.92. The company has a market capitalization of $901.22 million, a PE ratio of -4.89 and a beta of 1.40. The company has a debt-to-equity ratio of 7.91, a current ratio of 1.20 and a quick ratio of 1.20.

Forward Air (NASDAQ:FWRD - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The transportation company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.24). Forward Air had a negative net margin of 6.86% and a negative return on equity of 40.36%. The firm had revenue of $618.84 million for the quarter, compared to analysts' expectations of $627.98 million. During the same period in the prior year, the business posted ($23.29) earnings per share. The business's quarterly revenue was down 3.9% on a year-over-year basis. Sell-side analysts forecast that Forward Air Corporation will post -0.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Forward Air from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Susquehanna increased their price objective on Forward Air from $40.00 to $43.00 and gave the stock a "positive" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen raised 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 Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.75.

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.