Stifel Nicolaus Cuts Forward Air (NASDAQ:FWRD) Price Target to $22.00

Forward Air (NASDAQ:FWRD) had its price objective reduced by Stifel Nicolaus from $29.00 to $22.00 in a report issued on Thursday morning,Benzinga reports. They currently have a hold rating on the transportation company’s stock.

Other research analysts also recently issued reports about the company. Robert W. Baird cut their price objective on Forward Air from $32.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Susquehanna cut their price target on Forward Air from $35.00 to $32.00 and set a “positive” rating for the company in a report on Monday, March 31st. Finally, Benchmark reaffirmed a “hold” rating on shares of Forward Air in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Forward Air presently has an average rating of “Hold” and an average target price of $32.25.

Forward Air Stock Performance

NASDAQ:FWRD opened at $13.52 on Thursday. Forward Air has a twelve month low of $9.79 and a twelve month high of $40.92. The company has a market capitalization of $411.05 million, a P/E ratio of -0.57 and a beta of 1.11. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07. The firm has a 50-day moving average price of $22.28 and a two-hundred day moving average price of $30.17.

Institutional Investors Weigh In On Forward Air

A number of hedge funds and other institutional investors have recently made changes to their positions in FWRD. Quantinno Capital Management LP purchased a new stake in Forward Air in the 3rd quarter valued at about $224,000. XTX Topco Ltd grew its holdings in Forward Air by 22.0% in the third quarter. XTX Topco Ltd now owns 19,549 shares of the transportation company’s stock valued at $692,000 after purchasing an additional 3,520 shares during the period. Franklin Resources Inc. acquired a new position in Forward Air during the third quarter worth approximately $325,000. JPMorgan Chase & Co. raised its stake in Forward Air by 688.6% during the third quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock worth $11,573,000 after purchasing an additional 285,465 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Forward Air in the 4th quarter valued at $11,140,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

About Forward Air

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.