Bank of New York Mellon Corp Cuts Stock Holdings in Forward Air Co. (NASDAQ:FWRD)

Bank of New York Mellon Corp trimmed its holdings in shares of Forward Air Co. (NASDAQ:FWRD) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 206,864 shares of the transportation company’s stock after selling 17,770 shares during the period. Bank of New York Mellon Corp’s holdings in Forward Air were worth $6,671,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of Forward Air by 688.6% during the third quarter. JPMorgan Chase & Co. now owns 326,921 shares of the transportation company’s stock valued at $11,573,000 after acquiring an additional 285,465 shares during the last quarter. Goldentree Asset Management LP bought a new position in Forward Air in the third quarter worth about $14,270,000. Verition Fund Management LLC grew its holdings in Forward Air by 1,481.6% in the third quarter. Verition Fund Management LLC now owns 208,396 shares of the transportation company’s stock worth $7,377,000 after purchasing an additional 195,220 shares during the period. Weiss Asset Management LP grew its holdings in Forward Air by 73.0% in the third quarter. Weiss Asset Management LP now owns 78,803 shares of the transportation company’s stock worth $2,790,000 after purchasing an additional 33,261 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Forward Air during the fourth quarter valued at approximately $11,140,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Forward Air Stock Performance

Shares of NASDAQ FWRD opened at $19.99 on Monday. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $578.79 million, a P/E ratio of -0.84 and a beta of 1.08. The firm’s fifty day moving average is $29.14 and its two-hundred day moving average is $32.70. Forward Air Co. has a 52-week low of $11.21 and a 52-week high of $40.92.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FWRD shares. Robert W. Baird cut their price target on shares of Forward Air from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Stifel Nicolaus increased their price target on shares of Forward Air from $34.00 to $36.00 and gave the stock a “hold” rating in a research report on Thursday, January 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Forward Air in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.00.

Forward Air Company 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.