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

Goldentree Asset Management LP bought a new position in shares of Forward Air Co. (NASDAQ:FWRD - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 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 investment portfolio, making the stock its 23rd biggest position. Goldentree Asset Management LP owned about 1.40% of Forward Air as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FWRD. BNP Paribas Financial Markets increased its holdings in Forward Air by 2,430.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 132,846 shares of the transportation company's stock valued at $4,703,000 after purchasing an additional 127,596 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Forward Air during the 3rd quarter valued at about $813,000. Dynamic Technology Lab Private Ltd acquired a new position in Forward Air during the 3rd quarter worth approximately $298,000. Charles Schwab Investment Management Inc. boosted its holdings in Forward Air by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 675,883 shares of the transportation company's stock worth $23,926,000 after acquiring an additional 28,669 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of Forward Air during the third quarter valued at approximately $437,000. Institutional investors and hedge funds own 97.03% of the company's stock.

Forward Air Stock Performance

NASDAQ:FWRD traded up $0.70 during trading hours on Friday, reaching $36.69. 264,034 shares of the stock were exchanged, compared to its average volume of 983,825. The stock has a market capitalization of $1.06 billion, a P/E ratio of -1.54 and a beta of 1.02. The firm has a 50 day simple moving average of $36.16 and a 200-day simple moving average of $28.18. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 5.07. Forward Air Co. has a 52 week low of $11.21 and a 52 week high of $67.20.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stifel Nicolaus boosted their price objective on shares of Forward Air from $31.00 to $36.00 and gave the stock a "hold" rating in a report on Monday, October 21st. StockNews.com raised Forward Air to a "sell" rating in a report on Wednesday, November 6th. Robert W. Baird lifted their price objective on Forward Air from $17.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, August 8th. Jefferies Financial Group set a $47.00 target price on Forward Air and gave the company a "buy" rating in a research note on Friday, October 18th. Finally, Benchmark restated a "hold" rating on shares of Forward Air in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus 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.