FORWARD AIR CORP FWRD
COM · Common Stock · CUSIP 349853101
- SectorIndustrials
- IndustryArrangement of Transportation of Freight & Cargo
- HeadquartersDallas, TX
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($8.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $105.80. Options: 5 managers hold calls ($9.5m notional), 5 hold puts ($16.4m).
Trends to Q2 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 247 |
| Q4 2022 | 276 |
| Q1 2023 | 260 |
| Q2 2023 | 246 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 131 | 110 |
| Q1 2023 | 112 | 151 |
| Q2 2023 | 94 | 150 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $9.9m | $9.7m | 0.98 |
| Q4 2022 | $849.6k | $702.5k | 0.83 |
| Q1 2023 | $291.0k | $441.8k | 1.52 |
| Q2 2023 | $9.5m | $16.4m | 1.72 |
Biggest buyers
| Thrivent Financial for Lutherans | Added | +438.1k |
| River Road Asset Management, LLC | Added | +314.7k |
| SCOPUS ASSET MANAGEMENT, L.P. | New | +74.5k |
| UBS Group AG | Added | +38.6k |
| Weiss Multi-Strategy Advisers LLC | Added | +34.8k |
| Hudson Bay Capital Management LP | New | +34.2k |
| Pacer Advisors, Inc. | Added | +30.6k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | Added | +29.0k |
| Point72 Asset Management, L.P. | New | +27.8k |
| Balyasny Asset Management L.P. | Added | +21.8k |
Biggest sellers
| ArrowMark Colorado Holdings LLC | Reduced | -268.8k |
| LOOMIS SAYLES & CO L P | Sold out | -196.6k |
| FMR LLC | Reduced | -178.6k |
| AMERIPRISE FINANCIAL INC | Reduced | -148.5k |
| CARDINAL CAPITAL MANAGEMENT LLC /CT | Sold out | -147.0k |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | Sold out | -126.2k |
| Driehaus Capital Management LLC | Sold out | -116.4k |
| VANGUARD GROUP INC | Reduced | -115.8k |
| Nuveen Asset Management, LLC | Reduced | -78.6k |
| Marks Group Wealth Management, Inc | Sold out | -63.5k |
Biggest calls
| NOMURA HOLDINGS INC | New | $7.2m67.5k shares |
| CITADEL ADVISORS LLC | Added | $1.1m9.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $997.4k9.4k shares |
| PEAK6 Investments LLC | New | $318.3k3.0k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SCOPUS ASSET MANAGEMENT, L.P. | New | $8.0m75.0k shares |
| NOMURA HOLDINGS INC | New | $7.2m67.5k shares |
| CITADEL ADVISORS LLC | Added | $1.3m12.0k shares |
| Ancora Advisors LLC | New | $20.7k100 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
CLEARLAKE CAPITAL GROUP, L.P.
13D · may seek influence
filed 2025-07-03
Stated purposeItem 4 of the Initial Statement is hereby amended and restated as follows: In connection with the publicly announced review of strategic alternatives by the Board of Directors of the Issuer (the "Board"), the Reporting Persons anticipate, subject to further due diligence and applicable internal approvals, to submit one or more non-binding proposals (any such proposal, a "Proposal") to the Board offering to acquire all of the outstanding shares of Common Stock that the Reporting Persons do not already own for cash consideration, on terms and conditions to be set forth in any such proposal (any such transaction, a "Proposed Transaction"). The Reporting Persons previously entered into a standard confidentiality agreement with the Issuer in connection with the review of strategic alternatives… Full filing |
12.6% |
| BlackRock, Inc. 13G · institution filed 2025-04-30 | 10.9% |
Fell to 5% or below in the last year: Cetus Capital VI, L.P. (0.8%, 2026-05-12), VANGUARD GROUP INC (0.0%, 2026-03-26)
Insider purchases and sales in Q2 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 1 | $110.2k | 1 | $353.7k | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 1 | $901.5k | 1 | $252.6k | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $753.1k | — |
| Q1 2023 | 1 | $407.9k | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
None reported in Q2 2023.
Holders, Q2 2023
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.01% of their portfolio | 4.0m $425.3m | Reduced -58.9k |
| VANGUARD GROUP INC 0.01% of their portfolio | 3.0m $313.3m | Reduced -115.8k |
| Thrivent Financial for Lutherans 0.38% of their portfolio | 1.6m $167.7m | Added +438.1k |
| NEUBERGER BERMAN GROUP LLC 0.14% of their portfolio | 1.5m $156.3m | Reduced -44.8k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.90% of their portfolio | 1.2m $126.9m | Added +29.0k |
| Clearbridge Investments, LLC 0.09% of their portfolio | 988.8k $104.9m | Added +3.4k |
| STATE STREET CORP 0.01% of their portfolio | 974.0k $103.4m | Added +2.2k |
| ArrowMark Colorado Holdings LLC 1.12% of their portfolio | 960.6k $101.9m | Reduced -268.8k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 787.9k $83.6m | Added +7.1k |
| MORGAN STANLEY 0.01% of their portfolio | 784.5k $83.2m | Reduced -23.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.09% of their portfolio | 739.3k $78.4m | Reduced -10.3k |
| ROYCE & ASSOCIATES LP 0.72% of their portfolio | 703.7k $74.7m | Reduced -53.4k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 627.5k $66.6m | Reduced -148.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 568.2k $60.3m | Added +6.3k |
| River Road Asset Management, LLC 0.60% of their portfolio | 409.3k $43.4m | Added +314.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 370.2k $39.3m | Reduced -4.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 313.3k $33.2m | Reduced -16.4k |
| NORGES BANK 0.01% of their portfolio | 288.9k $30.7m | Added +6.2k |
| Boston Trust Walden Corp 0.24% of their portfolio | 280.0k $29.7m | Added +8.0k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 269.4k $28.6m | Reduced -11.8k |
| Vulcan Value Partners, LLC 0.36% of their portfolio | 267.3k $28.4m | Reduced -25.1k |
| Pacer Advisors, Inc. 0.09% of their portfolio | 212.2k $22.5m | Added +30.6k |
| FMR LLC 0.00% of their portfolio | 169.9k $18.0m | Reduced -178.6k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 161.2k $17.1m | Reduced -78.6k |
| EMERALD ADVISERS, LLC 0.74% of their portfolio | 158.9k $16.9m | Reduced -49.4k |
| Tributary Capital Management, LLC 1.50% of their portfolio | 157.4k $16.7m | Reduced -2.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 156.6k $16.9m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 151.6k $16.1m | Reduced -13.7k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.75% of their portfolio | 130.6k $13.9m | Reduced -41.5k |
| Weiss Multi-Strategy Advisers LLC 0.29% of their portfolio | 127.1k $13.5m | Added +34.8k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 126.5k $13.4m | Reduced -11.8k |
| Ceredex Value Advisors LLC 0.20% of their portfolio | 119.0k $12.6m | Added +225 |
| Invesco Ltd. 0.00% of their portfolio | 118.4k $12.6m | Added +11.9k |
| SCOUT INVESTMENTS, INC. 0.23% of their portfolio | 95.0k $11.4m | Reduced -2.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 87.6k $9.3m | Added +7.0k |
| COMERICA BANK 0.00% of their portfolio | 86.4k $1 | First filing |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 77.7k $8.2m | Reduced -2.2k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 77.5k $8.2m | Added +3.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 76.8k $8.1m | Added +470 |
| Legal & General Group Plc 0.00% of their portfolio | 75.7k $8.0m | Reduced -1.9k |
| UBS Group AG 0.00% of their portfolio | 75.1k $8.0m | Added +38.6k |
| SCOPUS ASSET MANAGEMENT, L.P. 0.28% of their portfolio | 74.5k $7.9m | New |
| RAYMOND JAMES & ASSOCIATES 0.01% of their portfolio | 69.7k $7.4m | Added +21.1k |
| CREDIT SUISSE AG/ 0.01% of their portfolio | 64.1k $6.8m | Reduced -33.5k |
| AMERICAN CAPITAL MANAGEMENT INC 0.23% of their portfolio | 63.3k $6.7m | Reduced -867 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 59.2k $6.3m | Reduced -278 |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 59.1k $6.3m | Reduced -3.7k |
| Swiss National Bank 0.00% of their portfolio | 56.9k $6.0m | Reduced -500 |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.08% of their portfolio | 49.5k $5.2m | Reduced -3.3k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 47.9k $5.1m | Reduced -10 |
| Profit Investment Management, LLC 3.25% of their portfolio | 47.1k $5.0m | Reduced -6.0k |
| Public Sector Pension Investment Board 0.04% of their portfolio | 46.1k $4.9m | Reduced -688 |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 43.7k $4.6m | Added +2.5k |
| Aptus Capital Advisors, LLC 0.13% of their portfolio | 43.5k $4.6m | Added +3.1k |
| RBA Wealth Management, LLC 1.95% of their portfolio | 39.5k $4.2m | Added +552 |
| SEGALL BRYANT & HAMILL, LLC 0.04% of their portfolio | 38.8k $4.1m | Reduced -33 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 35.9k $3.8m | Reduced -800 |
| Raymond James Financial Services Advisors, Inc. 0.01% of their portfolio | 34.3k $3.6m | Reduced -9.8k |
| Hudson Bay Capital Management LP 0.04% of their portfolio | 34.2k $3.6m | New |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 33.6k $3.6m | Added +6.1k |
| MILLER HOWARD INVESTMENTS INC /NY 0.12% of their portfolio | 32.7k $3.5m | Added +915 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 31.7k $3.4m | Reduced -1.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 31.4k $3.3m | Added +5.3k |
| NATIXIS ADVISORS, LLC 0.01% of their portfolio | 29.4k $3.1m | Reduced -665 |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio | 29.3k $3.1m | Added +1.2k |
| CHATHAM CAPITAL GROUP, INC. 0.64% of their portfolio | 28.8k $3.1m | Added +30 |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 28.5k $3.0m | Reduced -1.9k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 27.8k $3.0m | New |
| Cardinal Capital Management 0.57% of their portfolio | 26.5k $2.8m | Added +200 |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 25.2k $2.7m | Added +21.8k |
| CITIGROUP INC 0.00% of their portfolio | 24.8k $2.6m | Added +8.6k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 24.6k $2.6m | Added +2.2k |
| TD Asset Management Inc 0.00% of their portfolio | 24.3k $2.6m | Added +1.6k |
| Advantage Alpha Capital Partners LP 0.49% of their portfolio | 23.3k $2.5m | Reduced -19.8k |
| TEXAS PERMANENT SCHOOL FUND CORP 0.02% of their portfolio | 22.9k $2.4m | Reduced -989 |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 22.7k $2.4m | Added +7.1k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 22.7k $2.4m | Added +18.0k |
| ISTHMUS PARTNERS, LLC 0.32% of their portfolio | 22.3k $2.4m | Reduced -113 |
| CAMBIAR INVESTORS LLC 0.10% of their portfolio | 21.4k $2.3m | Reduced -2.3k |
| HRT FINANCIAL LP 0.02% of their portfolio | 21.2k $2.2m | Added +16.5k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 20.5k $2.2m | Added +5.0k |
| MARTINGALE ASSET MANAGEMENT L P 0.04% of their portfolio | 20.4k $2.2m | Unchanged |
| FIRST NATIONAL BANK OF OMAHA 0.11% of their portfolio | 18.6k $2.0m | Added +107 |
| SEI INVESTMENTS CO 0.00% of their portfolio | 18.2k $1.9m | Added +4 |
| RENAISSANCE GROUP LLC 0.08% of their portfolio | 17.8k $1.9m | Added +829 |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 17.7k $1.9m | Reduced -33.6k |
| Allspring Global Investments Holdings, LLC 0.00% of their portfolio | 17.6k $1.9m | Added +3.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 17.3k $1.8m | Added +1.4k |
| State of Alaska, Department of Revenue 0.02% of their portfolio | 17.1k $1.8m | Reduced -1.1k |
| Edgestream Partners, L.P. 0.16% of their portfolio | 17.0k $1.8m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 16.7k $1.8m | Added +1.9k |
| State of Tennessee, Department of Treasury 0.01% of their portfolio | 16.4k $1.7m | Unchanged |
| NORTHWEST INVESTMENT COUNSELORS, LLC 0.46% of their portfolio | 16.2k $1.7m | Reduced -143 |
| BARCLAYS PLC 0.00% of their portfolio | 14.6k $1.5m | Added +943 |
| ALPS ADVISORS INC 0.01% of their portfolio | 14.6k $1.5m | Added +3.6k |
| YOUSIF CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 14.3k $1.5m | Reduced -1.2k |
| AMERICAN INTERNATIONAL GROUP, INC. 0.01% of their portfolio | 14.0k $1.5m | Reduced -621 |
| AVIVA PLC 0.01% of their portfolio | 14.0k $1.5m | Added +517 |
| Louisiana State Employees Retirement System 0.03% of their portfolio | 13.6k $1.4m | Added +1.2k |
| MetLife Investment Management, LLC 0.01% of their portfolio | 13.6k $1.4m | Reduced -385 |