Geode Capital Management LLC Sells 162,182 Shares of Forward Air Co. (NASDAQ:FWRD)

Geode Capital Management LLC lowered its position in shares of Forward Air Co. (NASDAQ:FWRD) by 22.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 556,225 shares of the transportation company’s stock after selling 162,182 shares during the period. Geode Capital Management LLC owned approximately 1.92% of Forward Air worth $19,694,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearlake Capital Group L.P. raised its position in 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 last quarter. MFN Partners Management LP bought a new stake in shares of Forward Air in the second quarter worth approximately $17,208,000. Federated Hermes Inc. raised its holdings in shares of Forward Air by 712.5% during the second 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. Goldentree Asset Management LP bought a new position in Forward Air during the third quarter valued at approximately $14,270,000. Finally, Point72 Asset Management L.P. boosted its holdings in Forward Air by 11,740.6% in the second quarter. Point72 Asset Management L.P. now owns 372,500 shares of the transportation company’s stock worth $7,092,000 after purchasing an additional 375,700 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

Forward Air Stock Performance

Shares of NASDAQ FWRD opened at $30.14 on Friday. The company has a market cap of $872.67 million, a P/E ratio of -1.26 and a beta of 1.02. The firm’s fifty day moving average is $34.41 and its two-hundred day moving average is $30.45. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. Forward Air Co. has a 52-week low of $11.21 and a 52-week high of $64.47.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FWRD shares. StockNews.com raised shares of Forward Air to a “sell” rating in a report on Wednesday, November 6th. Jefferies Financial Group set a $47.00 price target on Forward Air and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Stifel Nicolaus raised their price objective on Forward Air from $31.00 to $36.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $39.25.

About Forward Air

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.