Envestnet Portfolio Solutions Inc. Purchases New Holdings in Forward Air Corporation $FWRD

Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Forward Air Corporation (NASDAQ:FWRD) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,563 shares of the transportation company’s stock, valued at approximately $357,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Forward Air by 34.1% during the second quarter. GAMMA Investing LLC now owns 3,105 shares of the transportation company’s stock valued at $76,000 after purchasing an additional 790 shares during the period. Bfsg LLC grew its holdings in Forward Air by 15.2% during the second quarter. Bfsg LLC now owns 7,805 shares of the transportation company’s stock valued at $192,000 after purchasing an additional 1,030 shares during the period. KLP Kapitalforvaltning AS grew its holdings in Forward Air by 32.9% during the second quarter. KLP Kapitalforvaltning AS now owns 9,700 shares of the transportation company’s stock valued at $238,000 after purchasing an additional 2,400 shares during the period. AQR Capital Management LLC grew its holdings in Forward Air by 7.0% during the first quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 654 shares during the period. Finally, Apollon Wealth Management LLC bought a new position in Forward Air during the second quarter valued at $267,000. 97.03% of the stock is owned by institutional investors.

Forward Air Trading Down 7.1%

Shares of FWRD stock opened at $19.02 on Thursday. The company has a debt-to-equity ratio of 7.91, a quick ratio of 1.20 and a current ratio of 1.20. Forward Air Corporation has a 52-week low of $9.78 and a 52-week high of $39.89. The company has a market capitalization of $585.63 million, a PE ratio of -3.18 and a beta of 1.39. The business’s fifty day moving average is $26.68 and its 200 day moving average is $23.19.

Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Monday, August 11th. The transportation company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.24). Forward Air had a negative return on equity of 40.36% and a negative net margin of 6.86%.The business had revenue of $618.84 million during the quarter, compared to analysts’ expectations of $627.98 million. During the same quarter last year, the business posted ($23.29) EPS. The company’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts anticipate that Forward Air Corporation will post -0.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FWRD shares. Wall Street Zen lowered Forward Air from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Susquehanna raised their price target on Forward Air from $40.00 to $43.00 and gave the stock a “positive” rating in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forward Air in a report on Wednesday, October 8th. Finally, Stifel Nicolaus cut their price target on Forward Air from $32.00 to $30.00 and set a “buy” rating for the company in a report on Friday, October 17th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.67.

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.