The Manufacturers Life Insurance Company Sells 667 Shares of Forward Air Co. (NASDAQ:FWRD)

The Manufacturers Life Insurance Company trimmed its position in Forward Air Co. (NASDAQ:FWRD) by 5.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,413 shares of the transportation company’s stock after selling 667 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Forward Air were worth $236,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FWRD. Point72 DIFC Ltd bought a new stake in shares of Forward Air in the second quarter worth about $26,000. Gladius Capital Management LP grew its position in Forward Air by 33.5% in the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock worth $37,000 after acquiring an additional 493 shares in the last quarter. GAMMA Investing LLC grew its position in Forward Air by 2,329.3% in the second quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock worth $38,000 after acquiring an additional 1,910 shares in the last quarter. Headlands Technologies LLC grew its position in Forward Air by 98.5% in the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock worth $51,000 after acquiring an additional 811 shares in the last quarter. Finally, EntryPoint Capital LLC grew its position in Forward Air by 36.2% in the first quarter. EntryPoint Capital LLC now owns 3,220 shares of the transportation company’s stock worth $100,000 after acquiring an additional 856 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Forward Air Stock Down 1.2 %

Shares of NASDAQ:FWRD opened at $39.66 on Friday. Forward Air Co. has a 1 year low of $11.21 and a 1 year high of $77.55. The business has a 50 day simple moving average of $33.77 and a two-hundred day simple moving average of $25.59. The firm has a market capitalization of $1.05 billion, a PE ratio of 11.60 and a beta of 1.02. The company has a debt-to-equity ratio of 4.70, a current ratio of 1.33 and a quick ratio of 1.33.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($23.11). Forward Air had a negative net margin of 30.77% and a negative return on equity of 79.11%. The business had revenue of $643.67 million for the quarter, compared to analysts’ expectations of $642.92 million. During the same quarter last year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up 92.9% on a year-over-year basis. On average, equities analysts predict that Forward Air Co. will post -1.01 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Jefferies Financial Group set a $47.00 price target on Forward Air and gave the stock a “buy” rating in a research report on Friday. Benchmark reiterated a “hold” rating on shares of Forward Air in a research report on Monday, August 12th. Finally, Robert W. Baird lifted their price target on Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Forward Air has an average rating of “Hold” and an average price target of $50.20.

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.