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 ($209.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.16. Options: 13 managers hold calls ($12.1m notional), 17 hold puts ($33.2m).
Trends to Q1 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 247 |
| Q4 2022 | 276 |
| Q1 2023 | 260 |
| Q2 2023 | 246 |
| Q3 2023 | 254 |
| Q4 2023 | 266 |
| Q1 2024 | 228 |
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 |
| Q3 2023 | 136 | 141 |
| Q4 2023 | 134 | 124 |
| Q1 2024 | 143 | 145 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2023 | $9.5m | $16.4m | 1.72 |
| Q3 2023 | $7.8m | $49.9m | 6.38 |
| Q4 2023 | $16.7m | $49.5m | 2.96 |
| Q1 2024 | $12.1m | $33.2m | 2.74 |
Biggest buyers
| Pacer Advisors, Inc. | Added | +1.5m |
| MORGAN STANLEY | Added | +1.5m |
| CLEARLAKE CAPITAL GROUP, L.P. | New | +1.1m |
| PRIVATE MANAGEMENT GROUP INC | New | +996.7k |
| Invesco Ltd. | Added | +707.9k |
| Ridgemont Partners Management, LLC | New | +700.6k |
| BlackRock Inc. | Added | +584.4k |
| DEUTSCHE BANK AG\ | Added | +541.5k |
| Paralel Advisors LLC | New | +510.0k |
| VANGUARD GROUP INC | Added | +424.9k |
Biggest sellers
| SILVERCREST ASSET MANAGEMENT GROUP LLC | Reduced | -1.1m |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Sold out | -445.5k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Sold out | -410.7k |
| River Road Asset Management, LLC | Sold out | -398.6k |
| P SCHOENFELD ASSET MANAGEMENT LP | Sold out | -387.3k |
| Clearbridge Investments, LLC | Reduced | -352.0k |
| Boston Trust Walden Corp | Sold out | -299.8k |
| FMR LLC | Reduced | -194.0k |
| Penn Capital Management Company, LLC | Sold out | -174.2k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | Sold out | -169.6k |
Biggest calls
| Walleye Capital LLC | New | $3.0m97.3k shares |
| CITADEL ADVISORS LLC | Added | $2.6m83.0k shares |
| Walleye Trading LLC | New | $1.6m51.0k shares |
| Cubist Systematic Strategies, LLC | New | $1.3m42.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | New | $815.1k26.2k shares |
| D. E. Shaw & Co., Inc. | New | $802.6k25.8k shares |
| SIMPLEX TRADING, LLC | Added | $566.0k18.2k shares |
| GROUP ONE TRADING LLC | New | $463.5k14.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $304.9k9.8k shares |
| WOLVERINE TRADING, LLC | New | $286.2k9.2k shares |
Biggest puts
| WOLVERINE ASSET MANAGEMENT LLC | Added | $7.0m224.3k shares |
| Troluce Capital Advisors LLC | New | $6.4m205.0k shares |
| D. E. Shaw & Co., Inc. | New | $4.2m135.9k shares |
| BARCLAYS PLC | Reduced | $3.4m108.4k shares |
| WOLVERINE TRADING, LLC | New | $2.9m93.4k shares |
| CITADEL ADVISORS LLC | Added | $2.6m84.0k shares |
| Cubist Systematic Strategies, LLC | Added | $1.4m43.4k shares |
| SIMPLEX TRADING, LLC | Added | $1.2m38.6k shares |
| Walleye Capital LLC | New | $1.1m36.3k shares |
| Point72 Asset Management, L.P. | New | $622.2k20.0k 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 Q1 2024
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2023 | 13 | $2.3m | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
None reported in Q1 2024.
Holders, Q1 2024
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.00% of their portfolio | 4.7m $145.7m | Added +584.4k |
| MORGAN STANLEY 0.00% of their portfolio | 4.5m $141.3m | Added +1.5m |
| VANGUARD GROUP INC 0.00% of their portfolio | 3.4m $106.0m | Added +424.9k |
| Pacer Advisors, Inc. 0.15% of their portfolio | 2.1m $66.2m | Added +1.5m |
| STATE STREET CORP 0.00% of their portfolio | 1.3m $39.0m | Added +177.8k |
| CLEARLAKE CAPITAL GROUP, L.P. 2.64% of their portfolio | 1.1m $33.5m | New |
| PRIVATE MANAGEMENT GROUP INC 1.17% of their portfolio | 996.7k $31.0m | New |
| Invesco Ltd. 0.01% of their portfolio | 818.7k $25.5m | Added +707.9k |
| Ridgemont Partners Management, LLC 100.00% of their portfolio | 700.6k $21.8m | New |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 691.9k $21.5m | Added +541.5k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 686.3k $21.3m | Reduced -117.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 682.3k $21.2m | Added +73.3k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 531.5k $16.5m | Added +72.0k |
| Paralel Advisors LLC 0.73% of their portfolio | 510.0k $15.9m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 443.4k $13.8m | Added +86.5k |
| Man Group plc 0.03% of their portfolio | 395.4k $12.3m | Added +308.2k |
| Clearbridge Investments, LLC 0.01% of their portfolio | 324.0k $10.1m | Reduced -352.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 322.5k $10.0m | Added +45.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 293.2k $9.1m | Reduced -121.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 270.8k $8.4m | Added +51.3k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 254.5k $7.9m | Reduced -102.6k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 248.7k $7.7m | Added +159.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio | 248.1k $7.7m | Added +140.7k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 237.6k $7.4m | Added +103.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 229.9k $7.2m | Added +193.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 200.5k $6.2m | Added +91.6k |
| BARCLAYS PLC 0.00% of their portfolio | 198.8k $6.2m | Added +112.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 194.5k $6.1m | Added +53.3k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio | 189.5k $5.9m | New |
| Walleye Capital LLC 0.05% of their portfolio | 161.8k $5.0m | Added +42.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 160.3k $5.0m | Reduced -1.2k |
| UBS Group AG 0.00% of their portfolio | 123.4k $3.8m | Added +21.8k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 121.6k $3.8m | Added +43.8k |
| NORDEA INVESTMENT MANAGEMENT AB 0.00% of their portfolio | 109.3k $3.4m | New |
| Hauser Brothers GmbH 2.33% of their portfolio | 102.0k $3.2m | New |
| DUALITY ADVISERS, LP 0.31% of their portfolio | 100.3k $3.1m | Added +61.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 96.0k $3.0m | Added +68.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 95.3k $3.0m | New |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 92.7k $2.9m | Added +61.1k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 90.3k $2.8m | Added +18.5k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 90.2k $2.8m | Reduced -64.0k |
| ROYCE & ASSOCIATES LP 0.02% of their portfolio | 89.3k $2.8m | Reduced -31.8k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 87.6k $2.7m | Added +6.8k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 83.8k $2.6m | New |
| Legal & General Group Plc 0.00% of their portfolio | 82.2k $2.6m | Added +8.3k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 80.5k $2.5m | Added +39.9k |
| ExodusPoint Capital Management, LP 0.03% of their portfolio | 77.4k $2.4m | Reduced -130.5k |
| WOLVERINE TRADING, LLC 0.02% of their portfolio | 74.8k $2.3m | New |
| Quadrature Capital Ltd 0.04% of their portfolio | 73.2k $2.3m | Added +13.4k |
| Engineers Gate Manager LP 0.06% of their portfolio | 73.0k $2.3m | Added +25.7k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 72.4k $2.3m | Reduced -33.1k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 71.5k $2.2m | New |
| SEVEN EIGHT CAPITAL, LP 0.23% of their portfolio | 70.5k $2.2m | Added +46.9k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 70.3k $2.2m | Added +40.8k |
| SONA ASSET MANAGEMENT (US) LLC 0.19% of their portfolio | 70.0k $2.2m | New |
| Public Sector Pension Investment Board 0.01% of their portfolio | 63.1k $2.0m | Added +9.9k |
| WOLVERINE ASSET MANAGEMENT LLC 0.04% of their portfolio | 61.7k $1.9m | New |
| ISTHMUS PARTNERS, LLC 0.20% of their portfolio | 56.4k $1.8m | Added +28.0k |
| Swiss National Bank 0.00% of their portfolio | 50.7k $1.6m | Unchanged |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 49.8k $1.6m | Reduced -6.8k |
| CAPITAL FUND MANAGEMENT S.A. 0.02% of their portfolio | 47.5k $1.5m | Added +30.2k |
| Trexquant Investment LP 0.03% of their portfolio | 47.1k $1.5m | Added +20.0k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 44.3k $1.4m | Added +9.5k |
| CLARK ESTATES INC/NY 0.23% of their portfolio | 44.0k $1.4m | Unchanged |
| Hudson Bay Capital Management LP 0.01% of their portfolio | 43.7k $1.4m | New |
| CITIGROUP INC 0.00% of their portfolio | 43.4k $1.4m | Added +14.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 43.1k $1.3m | Reduced -1.7k |
| Profit Investment Management, LLC 0.74% of their portfolio | 42.3k $1.3m | Unchanged |
| Cardinal Capital Management 0.21% of their portfolio | 42.2k $1.3m | Added +14.8k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 42.0k $1.3m | Reduced -43.2k |
| Gotham Asset Management, LLC 0.02% of their portfolio | 41.1k $1.3m | Added +36.9k |
| Squarepoint Ops LLC 0.01% of their portfolio | 40.8k $1.3m | Added +32.1k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 40.2k $1.2m | Reduced -75.2k |
| CAPSTONE INVESTMENT ADVISORS, LLC 0.02% of their portfolio | 37.3k $1.2m | New |
| Entropy Technologies, LP 0.12% of their portfolio | 37.0k $1.1m | Added +16.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 35.3k $1.1m | Unchanged |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 35.3k $1.1m | Added +5.7k |
| FORA Capital, LLC 0.09% of their portfolio | 34.3k $1.1m | New |
| Cresset Asset Management, LLC 0.01% of their portfolio | 34.3k $1.1m | New |
| Keebeck Wealth Management 0.16% of their portfolio | 34.1k $1.1m | Added +7.6k |
| Graham Capital Management, L.P. 0.03% of their portfolio | 33.4k $1.0m | Added +22.5k |
| Nebula Research & Development LLC 0.21% of their portfolio | 31.5k $981.0k | Added +27.2k |
| Troluce Capital Advisors LLC 0.19% of their portfolio | 29.2k $908.4k | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 28.8k $895.0k | Reduced -5.1k |
| Centiva Capital, LP 0.05% of their portfolio | 27.2k $845.3k | Added +7.1k |
| TEXAS PERMANENT SCHOOL FUND CORP 0.01% of their portfolio | 26.8k $835.1k | Added +4.7k |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 26.7k $831.0k | Added +3.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 25.7k $798.6k | Reduced -1.4k |
| QSV Equity Investors LLC 0.75% of their portfolio | 25.1k $780.1k | Added +3.9k |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 25.0k $776.4k | Unchanged |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.13% of their portfolio | 24.2k $753.6k | Added +16.6k |
| Y-Intercept (Hong Kong) Ltd 0.05% of their portfolio | 22.9k $712.5k | Added +15.5k |
| FMR LLC 0.00% of their portfolio | 22.3k $693.2k | Reduced -194.0k |
| Tidal Investments LLC 0.01% of their portfolio | 21.3k $664.1k | Added +10.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 20.6k $641.0k | Added +5.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 19.1k $594.5k | Reduced -53.6k |
| ClearAlpha Technologies LP 0.25% of their portfolio | 19.0k $591.1k | Reduced -3.8k |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 18.8k $583.0k | Added +3.0k |
| Creative Planning 0.00% of their portfolio | 18.6k $578.3k | Added +8.6k |
| Illinois Municipal Retirement Fund 0.01% of their portfolio | 17.7k $552.0k | Added +2.7k |