Verition Fund Management LLC Takes Position in Forward Air Co. (NASDAQ:FWRD)

Verition Fund Management LLC purchased a new stake in shares of Forward Air Co. (NASDAQ:FWRD) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,209 shares of the transportation company’s stock, valued at approximately $367,000.

Several other hedge funds have also recently made changes to their positions in FWRD. Geode Capital Management LLC lifted its stake in shares of Forward Air by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 329,627 shares of the transportation company’s stock worth $18,080,000 after acquiring an additional 16,689 shares during the period. Raymond James & Associates lifted its stake in shares of Forward Air by 23.8% in the first quarter. Raymond James & Associates now owns 56,040 shares of the transportation company’s stock worth $3,627,000 after acquiring an additional 10,783 shares during the period. US Bancorp DE lifted its stake in shares of Forward Air by 7.3% in the first quarter. US Bancorp DE now owns 7,042 shares of the transportation company’s stock worth $456,000 after acquiring an additional 481 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Forward Air by 3.6% in the first quarter. Great West Life Assurance Co. Can now owns 39,383 shares of the transportation company’s stock worth $2,549,000 after acquiring an additional 1,373 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Forward Air by 54.5% in the first quarter. First Trust Advisors LP now owns 104,165 shares of the transportation company’s stock worth $6,743,000 after acquiring an additional 36,752 shares during the period. 94.70% of the stock is currently owned by hedge funds and other institutional investors.

In other Forward Air news, insider Glenn A. Adelaar sold 4,917 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $61.05, for a total value of $300,182.85. Following the transaction, the insider now directly owns 41,177 shares of the company’s stock, valued at $2,513,855.85. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.04% of the stock is currently owned by insiders.

FWRD traded down $0.03 during trading on Thursday, hitting $61.75. The company’s stock had a trading volume of 4,411 shares, compared to its average volume of 139,307. Forward Air Co. has a twelve month low of $51.54 and a twelve month high of $70.74. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $62.04 and its 200-day moving average price is $61.54. The firm has a market capitalization of $1.74 billion, a P/E ratio of 19.79 and a beta of 1.54.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings results on Thursday, July 25th. The transportation company reported $0.78 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.04). Forward Air had a net margin of 6.70% and a return on equity of 17.18%. The business had revenue of $345.76 million during the quarter, compared to analyst estimates of $348.07 million. During the same period last year, the firm posted $0.82 earnings per share. Forward Air’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts expect that Forward Air Co. will post 3.2 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.17%. The ex-dividend date was Wednesday, August 21st. Forward Air’s dividend payout ratio (DPR) is presently 23.08%.

A number of equities analysts recently commented on the company. Zacks Investment Research raised Forward Air from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. BidaskClub raised Forward Air from a “hold” rating to a “buy” rating in a research note on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Forward Air has an average rating of “Hold” and a consensus price target of $70.00.

About Forward Air

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United State and Canada. The company operates through four segments: Expedited Less-Than-Truckload (LTL), Truckload Premium Services (TLS), Intermodal, and Pool Distribution (Pool).

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Institutional Ownership by Quarter for Forward Air (NASDAQ:FWRD)

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