Allianz Asset Management GmbH Buys Shares of 19,305 Forward Air Co. (FWRD)
Allianz Asset Management GmbH bought a new stake in shares of Forward Air Co. (NASDAQ:FWRD) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 19,305 shares of the transportation company’s stock, valued at approximately $1,105,000. Allianz Asset Management GmbH owned 0.06% of Forward Air at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Pinebridge Investments L.P. lifted its position in Forward Air by 0.9% during the 2nd quarter. Pinebridge Investments L.P. now owns 3,980 shares of the transportation company’s stock valued at $212,000 after purchasing an additional 36 shares during the period. Public Employees Retirement System of Ohio lifted its position in Forward Air by 0.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 56,848 shares of the transportation company’s stock valued at $3,029,000 after purchasing an additional 175 shares during the period. Ameritas Investment Partners Inc. lifted its position in Forward Air by 10.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 246 shares during the period. The Manufacturers Life Insurance Company lifted its position in Forward Air by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,271 shares of the transportation company’s stock valued at $1,239,000 after purchasing an additional 270 shares during the period. Finally, CS Mckee LP lifted its position in Forward Air by 0.9% during the 2nd quarter. CS Mckee LP now owns 32,300 shares of the transportation company’s stock valued at $1,721,000 after purchasing an additional 300 shares during the period. Institutional investors own 95.70% of the company’s stock.
In related news, Chairman Bruce A. Campbell sold 28,744 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.25, for a total transaction of $1,616,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris C. Ruble sold 23,020 shares of the stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $57.75, for a total value of $1,329,405.00. Following the sale, the insider now directly owns 28,279 shares of the company’s stock, valued at $1,633,112.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,549 shares of company stock valued at $5,250,836. 2.40% of the stock is owned by company insiders.
Shares of Forward Air Co. (FWRD) opened at $58.10 on Thursday. The firm has a market cap of $1,717.56, a P/E ratio of 27.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.71 and a quick ratio of 2.71. Forward Air Co. has a 52-week low of $45.86 and a 52-week high of $59.97.
Forward Air (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, October 25th. The transportation company reported $0.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.58. The business had revenue of $280.20 million for the quarter, compared to the consensus estimate of $278.75 million. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. Forward Air’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the company posted $0.51 EPS. research analysts predict that Forward Air Co. will post 2.33 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Thursday, November 23rd were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, November 21st. This represents a $0.60 dividend on an annualized basis and a yield of 1.03%. Forward Air’s payout ratio is 28.17%.
A number of research firms have issued reports on FWRD. Zacks Investment Research downgraded shares of Forward Air from a “hold” rating to a “sell” rating in a research report on Wednesday. Cowen reiterated a “market perform” rating and issued a $54.00 price target (up from $51.00) on shares of Forward Air in a research report on Monday, October 30th. Robert W. Baird reiterated a “hold” rating and issued a $60.00 price target on shares of Forward Air in a research report on Friday, October 6th. KeyCorp reiterated a “hold” rating on shares of Forward Air in a research report on Friday, September 22nd. Finally, Stifel Nicolaus increased their price target on shares of Forward Air from $47.00 to $52.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $55.33.
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Forward Air Profile
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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