Goldentree Asset Management LP Invests $14.27 Million in Forward Air Co. (NASDAQ:FWRD)

Goldentree Asset Management LP acquired a new stake in shares of Forward Air Co. (NASDAQ:FWRD) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 404,048 shares of the transportation company’s stock, valued at approximately $14,270,000. Forward Air accounts for 1.1% of Goldentree Asset Management LP’s portfolio, making the stock its 23rd biggest position. Goldentree Asset Management LP owned about 1.40% of Forward Air at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Clearlake Capital Group L.P. lifted its holdings in shares of Forward Air by 255.2% in the second quarter. Clearlake Capital Group L.P. now owns 3,825,000 shares of the transportation company’s stock valued at $72,828,000 after buying an additional 2,747,994 shares during the period. Ridgemont Partners Management LLC grew its stake in shares of Forward Air by 172.7% in the 2nd quarter. Ridgemont Partners Management LLC now owns 1,910,615 shares of the transportation company’s stock worth $36,378,000 after purchasing an additional 1,210,006 shares during the last quarter. MFN Partners Management LP acquired a new stake in Forward Air during the second quarter valued at approximately $17,208,000. Federated Hermes Inc. boosted its holdings in Forward Air by 712.5% during the second quarter. Federated Hermes Inc. now owns 680,929 shares of the transportation company’s stock worth $12,965,000 after buying an additional 597,120 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Forward Air by 14.2% in the first quarter. Vanguard Group Inc. now owns 3,407,797 shares of the transportation company’s stock worth $106,017,000 after buying an additional 424,924 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Forward Air Price Performance

Shares of NASDAQ:FWRD opened at $35.99 on Friday. The business has a fifty day simple moving average of $36.14 and a 200 day simple moving average of $28.04. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 5.07. Forward Air Co. has a 1 year low of $11.21 and a 1 year high of $67.20. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -1.51 and a beta of 1.02.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FWRD. Robert W. Baird lifted their target price on Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Stifel Nicolaus upped their price objective on shares of Forward Air from $31.00 to $36.00 and gave the company a “hold” rating in a research note on Monday, October 21st. StockNews.com raised shares of Forward Air to a “sell” rating in a research report on Wednesday, November 6th. Jefferies Financial Group set a $47.00 price target on shares of Forward Air and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Benchmark reissued a “hold” rating on shares of Forward Air in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Forward Air currently has an average rating of “Hold” and an average price target of $39.25.

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.