Bank of New York Mellon Corp Sells 17,770 Shares of Forward Air Co. (NASDAQ:FWRD)

Bank of New York Mellon Corp lessened its position in shares of Forward Air Co. (NASDAQ:FWRD) by 7.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 206,864 shares of the transportation company’s stock after selling 17,770 shares during the period. Bank of New York Mellon Corp owned approximately 0.71% of Forward Air worth $6,671,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Forward Air by 688.6% in the third quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock valued at $11,573,000 after buying an additional 285,465 shares during the period. Goldentree Asset Management LP acquired a new position in shares of Forward Air during the third quarter worth $14,270,000. Verition Fund Management LLC increased its holdings in shares of Forward Air by 1,481.6% during the third quarter. Verition Fund Management LLC now owns 208,396 shares of the transportation company’s stock worth $7,377,000 after buying an additional 195,220 shares in the last quarter. Weiss Asset Management LP increased its holdings in Forward Air by 73.0% in the third quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock valued at $2,790,000 after purchasing an additional 33,261 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in Forward Air in the fourth quarter valued at $11,140,000. Institutional investors own 97.03% of the company’s stock.

Forward Air Stock Up 5.9 %

Forward Air stock opened at $19.99 on Monday. The firm has a 50 day simple moving average of $29.14 and a 200 day simple moving average of $32.70. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07. Forward Air Co. has a 1-year low of $11.21 and a 1-year high of $40.92. The firm has a market capitalization of $578.79 million, a price-to-earnings ratio of -0.84 and a beta of 1.08.

Analyst Ratings Changes

FWRD has been the topic of a number of research analyst reports. Robert W. Baird cut their price target on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Benchmark reiterated a “hold” rating on shares of Forward Air in a research note on Tuesday, January 7th. Finally, Stifel Nicolaus increased their price objective on shares of Forward Air from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.00.

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.