Forward Air Corporation (FWRD) Short Interest Update

Forward Air Corporation (NASDAQ:FWRD) saw a large decrease in short interest during the month of April. As of April 28th, there was short interest totalling 609,980 shares, a decrease of 8.5% from the April 13th total of 666,627 shares. Based on an average daily trading volume, of 131,481 shares, the days-to-cover ratio is currently 4.6 days.

Shares of Forward Air Corporation (FWRD) traded down 0.68% during trading on Tuesday, hitting $52.63. The stock had a trading volume of 29,651 shares. Forward Air Corporation has a 1-year low of $40.07 and a 1-year high of $54.73. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 56.23 and a beta of 1.06. The firm has a 50 day moving average of $51.98 and a 200 day moving average of $49.39.

Forward Air Corporation (NASDAQ:FWRD) last issued its earnings results on Wednesday, April 26th. The transportation company reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.06. Forward Air Corporation had a return on equity of 13.06% and a net margin of 2.88%. The company had revenue of $246.98 million during the quarter, compared to the consensus estimate of $239.47 million. During the same period in the previous year, the company posted $0.43 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts expect that Forward Air Corporation will post $2.32 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Thursday, May 25th were paid a $0.15 dividend. The ex-dividend date was Tuesday, May 23rd. This represents a $0.60 annualized dividend and a yield of 1.13%. Forward Air Corporation’s dividend payout ratio (DPR) is presently 63.16%.

FWRD has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Forward Air Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. BidaskClub raised shares of Forward Air Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Seaport Global Securities assumed coverage on shares of Forward Air Corporation in a report on Thursday, March 2nd. They issued a “neutral” rating for the company. TheStreet raised shares of Forward Air Corporation from a “c+” rating to a “b” rating in a report on Monday, February 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Forward Air Corporation in a report on Friday, April 14th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.75.

In related news, CAO Michael P. Mclean sold 3,333 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $50.33, for a total value of $167,749.89. Following the sale, the chief accounting officer now directly owns 21,718 shares of the company’s stock, valued at $1,093,066.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director C Robert Campbell sold 3,000 shares of Forward Air Corporation stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $53.58, for a total transaction of $160,740.00. Following the transaction, the director now directly owns 16,652 shares in the company, valued at $892,214.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,984 shares of company stock valued at $4,008,360. 2.40% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in FWRD. Rothschild Asset Management Inc. increased its stake in Forward Air Corporation by 2.4% in the third quarter. Rothschild Asset Management Inc. now owns 6,851 shares of the transportation company’s stock valued at $296,000 after buying an additional 161 shares during the period. Capital Fund Management S.A. bought a new position in shares of Forward Air Corporation during the third quarter valued at $878,000. Nordea Investment Management AB bought a new position in shares of Forward Air Corporation during the third quarter valued at $13,175,000. Argentus Capital Management LLC boosted its position in shares of Forward Air Corporation by 12.5% in the third quarter. Argentus Capital Management LLC now owns 4,838 shares of the transportation company’s stock valued at $209,000 after buying an additional 538 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Forward Air Corporation by 10.5% in the third quarter. UBS Asset Management Americas Inc. now owns 13,699 shares of the transportation company’s stock valued at $593,000 after buying an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 98.48% of the company’s stock.

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About Forward Air Corporation

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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