Melqart Asset Management UK Ltd Boosts Stock Position in Forward Air Corporation $FWRD

Melqart Asset Management UK Ltd lifted its position in shares of Forward Air Corporation (NASDAQ:FWRD) by 122.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 849,876 shares of the transportation company’s stock after buying an additional 467,482 shares during the period. Forward Air comprises 2.1% of Melqart Asset Management UK Ltd’s investment portfolio, making the stock its 20th largest position. Melqart Asset Management UK Ltd’s holdings in Forward Air were worth $21,247,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Forward Air by 15.1% during the third quarter. Vanguard Group Inc. now owns 2,353,608 shares of the transportation company’s stock valued at $60,347,000 after acquiring an additional 307,906 shares during the last quarter. Ancora Advisors LLC lifted its holdings in shares of Forward Air by 8.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,475,055 shares of the transportation company’s stock worth $37,820,000 after acquiring an additional 116,012 shares during the last quarter. State Street Corp boosted its stake in shares of Forward Air by 2.1% in the 4th quarter. State Street Corp now owns 949,784 shares of the transportation company’s stock valued at $23,745,000 after purchasing an additional 19,854 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Forward Air by 3.8% in the 4th quarter. Cibc World Market Inc. now owns 784,731 shares of the transportation company’s stock valued at $19,618,000 after purchasing an additional 28,693 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Forward Air by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company’s stock valued at $15,002,000 after purchasing an additional 121,190 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Stifel Nicolaus set a $17.00 target price on shares of Forward Air in a research report on Friday, May 8th. Susquehanna reduced their price objective on Forward Air from $42.00 to $18.00 and set a “positive” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a report on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.50.

Forward Air Price Performance

Shares of Forward Air stock opened at $13.77 on Wednesday. The company’s fifty day simple moving average is $14.72 and its two-hundred day simple moving average is $21.00. Forward Air Corporation has a 12-month low of $7.86 and a 12-month high of $32.47. The firm has a market cap of $435.41 million, a PE ratio of -4.70 and a beta of 1.41. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 13.98.

Forward Air (NASDAQ:FWRD) last posted its earnings results on Thursday, May 7th. The transportation company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.74). The firm had revenue of $582.05 million for the quarter, compared to analysts’ expectations of $620.23 million. Forward Air had a negative return on equity of 41.21% and a negative net margin of 3.71%.The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.68) earnings per share. As a group, equities analysts expect that Forward Air Corporation will post -1.08 EPS for the current year.

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.