Naviter Wealth LLC Sells 2,230 Shares of Forward Air Co. (NASDAQ:FWRD)

Naviter Wealth LLC trimmed its holdings in Forward Air Co. (NASDAQ:FWRD) by 17.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,670 shares of the transportation company’s stock after selling 2,230 shares during the quarter. Naviter Wealth LLC’s holdings in Forward Air were worth $378,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Creative Planning lifted its position in shares of Forward Air by 6.0% during the third quarter. Creative Planning now owns 19,885 shares of the transportation company’s stock worth $704,000 after purchasing an additional 1,129 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Forward Air by 89.2% during the 3rd quarter. GAMMA Investing LLC now owns 3,768 shares of the transportation company’s stock worth $133,000 after buying an additional 1,776 shares in the last quarter. Point72 DIFC Ltd bought a new position in Forward Air in the 2nd quarter valued at $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Forward Air in the 2nd quarter valued at $181,000. Finally, Point72 Asset Management L.P. raised its position in shares of 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 worth $7,092,000 after acquiring an additional 375,700 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Forward Air Trading Up 6.2 %

NASDAQ:FWRD opened at $40.16 on Friday. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.74 and a beta of 1.02. Forward Air Co. has a 1-year low of $11.21 and a 1-year high of $77.55. The business’s 50-day moving average price is $33.50 and its two-hundred day moving average price is $25.52. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data 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). The business had revenue of $643.67 million during the quarter, compared to analyst estimates of $642.92 million. Forward Air had a negative net margin of 30.77% and a negative return on equity of 79.11%. Forward Air’s revenue for the quarter was up 92.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 earnings per share. On average, equities analysts expect that Forward Air Co. will post -1.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on FWRD. Robert W. Baird raised their price target on Forward Air from $17.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Forward Air in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Forward Air has an average rating of “Hold” and an average price target of $51.00.

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.