Littlejohn & Co. LLC Has $12.25 Million Stake in Forward Air Corporation $FWRD

Key Points

• Littlejohn & Co. LLC cut its Forward Air stake by 69.8% in Q1, selling 1.69 million shares and ending with 733,261 shares worth about $12.25 million. The position still represented roughly 2.32% of Forward Air and its fifth-largest holding.
• Institutional ownership remains very high, with hedge funds and other investors holding 97.03% of Forward Air shares. Several firms recently adjusted positions, including new buys and sharp increases in holdings.
• Analysts are cautious on FWRD: the stock has an average Hold rating and consensus price target of $18.50. Forward Air also reported a wider-than-expected quarterly loss and weaker revenue, while the stock traded down 3.7% and opened at $15.48.

Littlejohn & Co. LLC lessened its holdings in shares of Forward Air Corporation (NASDAQ:FWRD - Free Report) by 69.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 733,261 shares of the transportation company's stock after selling 1,693,098 shares during the quarter. Forward Air makes up approximately 11.6% of Littlejohn & Co. LLC's investment portfolio, making the stock its 5th largest position. Littlejohn & Co. LLC owned approximately 2.32% of Forward Air worth $12,253,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Garton & Associates Financial Advisors LLC bought a new stake in Forward Air in the 4th quarter valued at $36,000. Tower Research Capital LLC TRC boosted its position in Forward Air by 207.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the transportation company's stock worth $64,000 after purchasing an additional 1,753 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Forward Air in the fourth quarter valued at $74,000. Lazard Asset Management LLC acquired a new position in shares of Forward Air in the second quarter valued at $107,000. Finally, Fifth Third Bancorp increased its holdings in shares of Forward Air by 2,397.7% in the first quarter. Fifth Third Bancorp now owns 5,495 shares of the transportation company's stock valued at $92,000 after purchasing an additional 5,275 shares during the last quarter. Institutional investors own 97.03% of the company's stock.

Wall Street Analysts Forecast Growth

FWRD has been the subject of a number of research reports. Zacks Research upgraded shares of Forward Air from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 7th. Stifel Nicolaus set a $19.00 price target on shares of Forward Air in a research note on Tuesday. Weiss Ratings reissued a "sell (e+)" rating on shares of Forward Air in a report on Friday, July 17th. Finally, Susquehanna cut their price objective on shares of Forward Air from $42.00 to $18.00 and set a "positive" rating for the company in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Forward Air currently has an average rating of "Hold" and a consensus target price of $18.50.

Forward Air Stock Down 3.7%

NASDAQ FWRD opened at $15.48 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 13.98. The company has a market cap of $489.48 million, a price-to-earnings ratio of -5.28 and a beta of 1.36. The company has a 50 day moving average of $12.21 and a 200-day moving average of $18.82. Forward Air Corporation has a 1-year low of $7.86 and a 1-year high of $32.47.

Forward Air (NASDAQ:FWRD - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.74). Forward Air had a negative return on equity of 41.21% and a negative net margin of 3.71%.The company had revenue of $582.05 million for the quarter, compared to analyst estimates of $620.23 million. During the same period in the prior year, the company earned ($1.68) EPS. The company's quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts expect that Forward Air Corporation will post -1.08 earnings per share for the current fiscal year.

About Forward Air

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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