Private Management Group Inc. Sells 320,173 Shares of Forward Air Co. (NASDAQ:FWRD)

Private Management Group Inc. reduced its stake in Forward Air Co. (NASDAQ:FWRD - Free Report) by 24.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,016,514 shares of the transportation company's stock after selling 320,173 shares during the period. Forward Air makes up approximately 1.3% of Private Management Group Inc.'s investment portfolio, making the stock its 17th biggest position. Private Management Group Inc. owned about 3.67% of Forward Air worth $35,985,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in Forward Air in the 3rd quarter valued at about $39,000. Point72 DIFC Ltd acquired a new position in Forward Air during the second quarter valued at approximately $26,000. Headlands Technologies LLC boosted its holdings in shares of Forward Air by 98.5% in the 1st quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company's stock valued at $51,000 after purchasing an additional 811 shares in the last quarter. Gladius Capital Management LP increased its stake in shares of Forward Air by 33.5% in the 2nd quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company's stock valued at $37,000 after purchasing an additional 493 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Forward Air by 62.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,990 shares of the transportation company's stock worth $70,000 after buying an additional 763 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price target 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. 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. Robert W. Baird increased their price objective on Forward Air from $17.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, August 8th. Finally, Benchmark reaffirmed a "hold" rating on shares of Forward Air in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Forward Air has an average rating of "Hold" and an average price target of $39.25.

Forward Air Trading Down 3.1 %

Forward Air stock traded down $1.09 during mid-day trading on Friday, reaching $34.24. 945,963 shares of the company traded hands, compared to its average volume of 648,961. Forward Air Co. has a 52-week low of $11.21 and a 52-week high of $68.09. The firm's 50 day moving average price is $35.40 and its 200 day moving average price is $26.23. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 4.70.

Forward Air (NASDAQ:FWRD - Get Free Report) last released its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($23.11). The company had revenue of $643.67 million during the quarter, compared to analysts' expectations of $642.92 million. Forward Air had a negative return on equity of 79.11% and a negative net margin of 30.77%. The company's revenue was up 92.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. On average, sell-side analysts anticipate that Forward Air Co. will post -1.01 earnings per share for the current fiscal year.

Forward Air 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.