Canada Pension Plan Investment Board Has $571,000 Stock Position in Forward Air Co. (NASDAQ:FWRD)

Canada Pension Plan Investment Board reduced its holdings in shares of Forward Air Co. (NASDAQ:FWRD) by 67.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,000 shares of the transportation company’s stock after selling 62,700 shares during the quarter. Canada Pension Plan Investment Board owned 0.11% of Forward Air worth $571,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FWRD. UMB Bank n.a. grew its holdings in shares of Forward Air by 413.5% during the first quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock valued at $26,000 after buying an additional 674 shares during the last quarter. Gladius Capital Management LP boosted its holdings in Forward Air by 33.5% during the second quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock worth $37,000 after purchasing an additional 493 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Forward Air by 2,329.3% during the second quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock worth $38,000 after purchasing an additional 1,910 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Forward Air by 98.5% during the first quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock worth $51,000 after purchasing an additional 811 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in Forward Air by 116,200.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,163 shares of the transportation company’s stock worth $73,000 after purchasing an additional 1,162 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Forward Air Stock Performance

NASDAQ FWRD opened at $35.43 on Friday. The company’s 50 day moving average is $30.18 and its 200-day moving average is $24.80. Forward Air Co. has a 12-month low of $11.21 and a 12-month high of $79.51. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 4.70. The firm has a market cap of $936.70 million, a P/E ratio of 10.36 and a beta of 1.02.

Forward Air (NASDAQ:FWRD) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $642.92 million. During the same period last year, the firm earned $0.91 EPS. The business’s revenue for the quarter was up 92.9% on a year-over-year basis. Sell-side analysts predict that Forward Air Co. will post -1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FWRD. Benchmark restated a “hold” rating on shares of Forward Air in a report on Monday, August 12th. Robert W. Baird boosted their price target on shares of Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.00.

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.