JPMorgan Chase & Co. Sells 233,043 Shares of Forward Air Co. (NASDAQ:FWRD)

JPMorgan Chase & Co. cut its holdings in Forward Air Co. (NASDAQ:FWRD - Free Report) by 71.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,878 shares of the transportation company's stock after selling 233,043 shares during the period. JPMorgan Chase & Co. owned 0.32% of Forward Air worth $3,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Forward Air by 11.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 755,843 shares of the transportation company's stock worth $24,376,000 after buying an additional 79,960 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Forward Air in the fourth quarter worth $11,140,000. New York State Common Retirement Fund raised its position in shares of Forward Air by 17.2% during the 4th quarter. New York State Common Retirement Fund now owns 273,462 shares of the transportation company's stock valued at $8,819,000 after purchasing an additional 40,176 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Forward Air by 7.3% during the 4th quarter. Principal Financial Group Inc. now owns 97,148 shares of the transportation company's stock valued at $3,133,000 after buying an additional 6,629 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in Forward Air in the 4th quarter worth $2,487,000. Hedge funds and other institutional investors own 97.03% of the company's stock.

Forward Air Price Performance

Forward Air stock traded down $1.56 during mid-day trading on Friday, reaching $14.62. 543,995 shares of the company's stock traded hands, compared to its average volume of 882,803. Forward Air Co. has a 12-month low of $9.79 and a 12-month high of $40.92. The company has a market cap of $444.49 million, a price-to-earnings ratio of -0.61 and a beta of 1.11. The stock has a 50 day moving average of $19.05 and a two-hundred day moving average of $28.80. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07.

Analysts Set New Price Targets

FWRD has been the topic of several research analyst reports. Benchmark restated a "hold" rating on shares of Forward Air in a research report on Tuesday, January 7th. Susquehanna reduced their price objective on shares of Forward Air from $35.00 to $32.00 and set a "positive" rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus dropped their target price on shares of Forward Air from $29.00 to $22.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Finally, Robert W. Baird cut their target price on shares of Forward Air from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.25.

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.