Federated Hermes Inc. Raises Stake in Forward Air Co. (NASDAQ:FWRD)

Federated Hermes Inc. lifted its position in shares of Forward Air Co. (NASDAQ:FWRD) by 712.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 680,929 shares of the transportation company’s stock after purchasing an additional 597,120 shares during the quarter. Federated Hermes Inc. owned about 2.58% of Forward Air worth $12,965,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of Forward Air by 413.5% during the 1st quarter. UMB Bank n.a. now owns 837 shares of the transportation company’s stock worth $26,000 after purchasing an additional 674 shares during the period. Gladius Capital Management LP boosted its holdings in Forward Air by 33.5% in the 2nd quarter. Gladius Capital Management LP now owns 1,964 shares of the transportation company’s stock worth $37,000 after acquiring an additional 493 shares during the period. GAMMA Investing LLC boosted its holdings in Forward Air by 2,329.3% in the 2nd quarter. GAMMA Investing LLC now owns 1,992 shares of the transportation company’s stock worth $38,000 after acquiring an additional 1,910 shares during the period. Headlands Technologies LLC boosted its holdings in Forward Air by 98.5% in the 1st quarter. Headlands Technologies LLC now owns 1,634 shares of the transportation company’s stock worth $51,000 after acquiring an additional 811 shares during the period. Finally, TFO Wealth Partners LLC boosted its holdings in Forward Air by 116,200.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,163 shares of the transportation company’s stock worth $73,000 after acquiring an additional 1,162 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Forward Air Stock Performance

Forward Air stock opened at $35.00 on Tuesday. The stock has a market cap of $925.33 million, a P/E ratio of 10.23 and a beta of 1.02. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 4.70. The stock has a 50 day moving average of $27.49 and a 200-day moving average of $24.39. Forward Air Co. has a 52 week low of $11.21 and a 52 week high of $79.51.

Forward Air (NASDAQ:FWRD) last released its earnings results on Wednesday, August 7th. The transportation company reported ($23.29) EPS for the quarter, missing the consensus estimate of ($0.18) by ($23.11). The business had revenue of $643.67 million for the quarter, compared to analysts’ expectations of $642.92 million. Forward Air had a negative net margin of 30.77% and a negative return on equity of 79.11%. The business’s quarterly revenue was up 92.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. On average, analysts expect that Forward Air Co. will post -1.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FWRD. Robert W. Baird upped their price target on Forward Air from $17.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Wolfe Research upgraded Forward Air from an “underperform” rating to a “peer perform” rating in a report on Tuesday, May 28th. Finally, Benchmark restated a “hold” rating on shares of Forward Air in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $51.00.

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.