State Street Corp Reduces Position in Forward Air Co. (NASDAQ:FWRD)

State Street Corp reduced its holdings in shares of Forward Air Co. (NASDAQ:FWRD) by 20.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 943,049 shares of the transportation company’s stock after selling 246,357 shares during the period. State Street Corp owned about 3.26% of Forward Air worth $33,384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearlake Capital Group L.P. raised its stake in Forward Air by 255.2% during the 2nd quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock valued at $72,828,000 after purchasing an additional 2,747,994 shares during the period. MFN Partners Management LP purchased a new stake in Forward Air in the second quarter worth $17,208,000. Federated Hermes Inc. raised its stake 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 acquiring an additional 597,120 shares in the last quarter. Goldentree Asset Management LP bought a new position in Forward Air during the 3rd quarter worth about $14,270,000. Finally, Point72 Asset Management L.P. increased its holdings in Forward Air by 11,740.6% during the second quarter. Point72 Asset Management L.P. now owns 372,500 shares of the transportation company’s stock valued at $7,092,000 after buying an additional 375,700 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FWRD shares. Jefferies Financial Group set a $47.00 target price on Forward Air and gave the company a “buy” rating in a research report on Friday, October 18th. Stifel Nicolaus upped their price target on shares of Forward Air from $31.00 to $36.00 and gave the company a “hold” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded Forward Air to a “sell” rating in a research report on Wednesday, November 6th. One 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.25.

Forward Air Stock Down 6.3 %

Shares of NASDAQ:FWRD opened at $28.93 on Friday. The company has a market capitalization of $837.64 million, a price-to-earnings ratio of -1.21 and a beta of 1.02. 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 12-month low of $11.21 and a 12-month high of $67.20. The business has a 50-day moving average price of $35.28 and a 200 day moving average price of $30.13.

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.