Thrivent Financial for Lutherans Trims Holdings in Forward Air Co. (NASDAQ:FWRD)

Thrivent Financial for Lutherans cut its holdings in Forward Air Co. (NASDAQ:FWRD) by 42.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,010 shares of the transportation company’s stock after selling 11,200 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.05% of Forward Air worth $531,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FWRD. Clearlake Capital Group L.P. grew its position in shares of Forward Air by 255.2% in the 2nd quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock worth $72,828,000 after buying an additional 2,747,994 shares during the period. MFN Partners Management LP purchased a new stake in Forward Air during the 2nd quarter valued at about $17,208,000. Federated Hermes Inc. grew its position in Forward Air by 712.5% during the 2nd quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock valued at $12,965,000 after purchasing an additional 597,120 shares during the last quarter. Point72 Asset Management L.P. grew its position in Forward Air by 11,740.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 372,500 shares of the transportation company’s stock valued at $7,092,000 after purchasing an additional 375,700 shares during the last quarter. Finally, Private Management Group Inc. grew its position in Forward Air by 34.1% during the 2nd quarter. Private Management Group Inc. now owns 1,336,687 shares of the transportation company’s stock valued at $25,451,000 after purchasing an additional 339,982 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Forward Air Price Performance

FWRD opened at $34.30 on Thursday. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a market capitalization of $992.99 million, a P/E ratio of -1.44 and a beta of 1.02. The company’s 50-day simple moving average is $36.06 and its two-hundred day simple moving average is $28.70. Forward Air Co. has a 52-week low of $11.21 and a 52-week high of $67.20.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Jefferies Financial Group set a $47.00 price objective on shares of Forward Air and gave the company a “buy” rating in a research report on Friday, October 18th. Benchmark reissued a “hold” rating on shares of Forward Air in a research report on Monday, August 12th. StockNews.com raised shares of Forward Air to a “sell” rating in a research report on Wednesday, November 6th. Robert W. Baird increased their price objective on shares of Forward Air from $17.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus increased their price objective on shares of Forward Air from $31.00 to $36.00 and gave the company a “hold” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $39.25.

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.