Melqart Asset Management UK Ltd Acquires 467,482 Shares of Forward Air Corporation $FWRD

Melqart Asset Management UK Ltd raised its holdings in shares of Forward Air Corporation (NASDAQ:FWRD) by 122.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 849,876 shares of the transportation company’s stock after acquiring an additional 467,482 shares during the quarter. Forward Air comprises approximately 2.1% of Melqart Asset Management UK Ltd’s portfolio, making the stock its 20th biggest holding. Melqart Asset Management UK Ltd owned approximately 2.72% of Forward Air worth $21,247,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada grew its position in shares of Forward Air by 1,179.7% in the first quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock valued at $6,451,000 after purchasing an additional 296,001 shares in the last quarter. AQR Capital Management LLC grew its holdings in Forward Air by 7.0% during the 1st quarter. AQR Capital Management LLC now owns 10,009 shares of the transportation company’s stock valued at $201,000 after buying an additional 654 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Forward Air by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,875 shares of the transportation company’s stock valued at $299,000 after buying an additional 624 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Forward Air by 64.2% in the first quarter. Intech Investment Management LLC now owns 73,040 shares of the transportation company’s stock worth $1,467,000 after buying an additional 28,564 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Forward Air by 6.6% in the second quarter. Prudential Financial Inc. now owns 21,431 shares of the transportation company’s stock valued at $526,000 after acquiring an additional 1,323 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stifel Nicolaus set a $17.00 target price on shares of Forward Air in a research note on Friday, May 8th. Susquehanna reduced their price target on shares of Forward Air from $42.00 to $18.00 and set a “positive” rating for the company in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Forward Air in a research report on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.50.

Forward Air Stock Up 1.4%

FWRD stock opened at $13.77 on Wednesday. The company’s 50 day moving average is $14.72 and its 200 day moving average is $21.00. The stock has a market cap of $435.41 million, a price-to-earnings ratio of -4.70 and a beta of 1.41. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 13.98. Forward Air Corporation has a 1-year low of $7.86 and a 1-year high of $32.47.

Forward Air (NASDAQ:FWRD) last announced its earnings results on Thursday, May 7th. The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.74). The company had revenue of $582.05 million for the quarter, compared to the consensus estimate of $620.23 million. Forward Air had a negative net margin of 3.71% and a negative return on equity of 41.21%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.68) earnings per share. Sell-side analysts predict that Forward Air Corporation will post -1.08 EPS for the current fiscal year.

Forward Air Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.