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 ($4.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $35.42. Options: 19 managers hold calls ($73.3m notional), 18 hold puts ($92.0m).
Trends to Q3 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 |
| Q2 2024 | 194 |
| Q3 2024 | 210 |
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 |
| Q2 2024 | 114 | 134 |
| Q3 2024 | 91 | 116 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2023 | $16.7m | $49.5m | 2.96 |
| Q1 2024 | $12.1m | $33.2m | 2.74 |
| Q2 2024 | $6.9m | $14.8m | 2.14 |
| Q3 2024 | $73.3m | $92.0m | 1.25 |
Biggest buyers
| SCOPUS ASSET MANAGEMENT, L.P. | New | +1.3m |
| ALTA FOX CAPITAL MANAGEMENT, LLC | New | +797.1k |
| J. Goldman & Co LP | New | +750.9k |
| JPMORGAN CHASE & CO | Added | +570.9k |
| GOLDENTREE ASSET MANAGEMENT LP | New | +404.0k |
| MFN Partners Management, LP | Added | +385.6k |
| Penn Capital Management Company, LLC | New | +323.1k |
| MILLENNIUM MANAGEMENT LLC | Added | +282.0k |
| NEW YORK STATE COMMON RETIREMENT FUND | Added | +223.0k |
| Verition Fund Management LLC | Added | +195.2k |
Biggest sellers
| FEDERATED HERMES, INC. | Reduced | -578.1k |
| LITTLEJOHN & CO LLC | Reduced | -574.0k |
| VANGUARD GROUP INC | Reduced | -426.1k |
| Point72 Asset Management, L.P. | Reduced | -337.5k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -332.7k |
| PRIVATE MANAGEMENT GROUP INC | Reduced | -320.2k |
| NORDEA INVESTMENT MANAGEMENT AB | Sold out | -254.9k |
| STATE STREET CORP | Reduced | -246.4k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -222.7k |
| STEPHENS INC /AR/ | Sold out | -208.6k |
Biggest calls
| BARCLAYS PLC | New | $19.5m551.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $12.1m341.1k shares |
| SIMPLEX TRADING, LLC | Added | $7.6m215.5k shares |
| CITADEL ADVISORS LLC | Added | $7.2m203.0k shares |
| MOORE CAPITAL MANAGEMENT, LP | New | $6.4m179.5k shares |
| Union Square Park Capital Management, LLC | New | $3.5m100.0k shares |
| GROUP ONE TRADING LLC | Added | $3.4m95.8k shares |
| JANE STREET GROUP, LLC | New | $3.3m92.7k shares |
| Walleye Trading LLC | New | $2.0m57.2k shares |
| Cinctive Capital Management LP | New | $1.8m50.0k shares |
Biggest puts
| SCOPUS ASSET MANAGEMENT, L.P. | New | $26.6m750.0k shares |
| BARCLAYS PLC | New | $14.3m405.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.6m271.1k shares |
| SIMPLEX TRADING, LLC | Added | $9.6m271.0k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Reduced | $5.5m154.8k shares |
| Caption Management, LLC | New | $5.3m150.0k shares |
| CITADEL ADVISORS LLC | Added | $5.2m147.7k shares |
| D. E. Shaw & Co., Inc. | Reduced | $3.6m100.3k shares |
| JANE STREET GROUP, LLC | Added | $3.0m85.8k shares |
| GROUP ONE TRADING LLC | Added | $3.0m85.3k 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
None reported in Q3 2024.
Holders, Q3 2024
| Manager | Shares | Change |
|---|---|---|
| CLEARLAKE CAPITAL GROUP, L.P. 10.37% of their portfolio | 3.8m $135.4m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 3.3m $118.1m | First filing |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.1m $73.0m | Reduced -426.1k |
| Ridgemont Partners Management, LLC 58.72% of their portfolio | 1.9m $67.6m | Unchanged |
| LITTLEJOHN & CO LLC 29.99% of their portfolio | 1.7m $59.0m | Reduced -574.0k |
| SCOPUS ASSET MANAGEMENT, L.P. 1.36% of their portfolio | 1.3m $46.0m | New |
| MFN Partners Management, LP 0.90% of their portfolio | 1.3m $45.6m | Added +385.6k |
| Irenic Capital Management LP 7.64% of their portfolio | 1.2m $43.5m | Added +161.5k |
| Ancora Advisors LLC 0.91% of their portfolio | 1.1m $39.8m | Added +163.2k |
| PRIVATE MANAGEMENT GROUP INC 1.26% of their portfolio | 1.0m $36.0m | Reduced -320.2k |
| STATE STREET CORP 0.00% of their portfolio | 943.0k $33.4m | Reduced -246.4k |
| MORGAN STANLEY 0.00% of their portfolio | 826.5k $29.3m | Reduced -15.7k |
| ALTA FOX CAPITAL MANAGEMENT, LLC 14.43% of their portfolio | 797.1k $28.2m | New |
| J. Goldman & Co LP 1.15% of their portfolio | 750.9k $26.6m | New |
| Paralel Advisors LLC 1.16% of their portfolio | 750.0k $26.6m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 675.9k $23.9m | Added +28.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 653.8k $23.1m | Added +570.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 588.9k $20.8m | Reduced -105.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 556.2k $19.7m | Reduced -162.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 490.7k $17.4m | Reduced -43.0k |
| GOLDENTREE ASSET MANAGEMENT LP 1.14% of their portfolio | 404.0k $14.3m | New |
| HAWK RIDGE CAPITAL MANAGEMENT LP 0.60% of their portfolio | 392.1k $13.9m | Added +138.3k |
| One Fin Capital Management LP 4.49% of their portfolio | 335.8k $11.9m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 328.5k $11.6m | Added +282.0k |
| Penn Capital Management Company, LLC 1.05% of their portfolio | 323.1k $11.5m | New |
| Invesco Ltd. 0.00% of their portfolio | 304.0k $10.8m | Added +40.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 251.7k $8.9m | Reduced -36.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 233.3k $8.3m | Added +223.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 224.6k $8.0m | Reduced -66.0k |
| Verition Fund Management LLC 0.05% of their portfolio | 208.4k $7.4m | Added +195.2k |
| Caption Management, LLC 0.58% of their portfolio | 153.1k $5.4m | New |
| HRT FINANCIAL LP 0.03% of their portfolio | 151.9k $5.4m | Reduced -193.5k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 147.5k $5.2m | Added +52.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 132.8k $4.7m | Added +127.6k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 122.0k $4.3m | Reduced -150.0k |
| WOLVERINE ASSET MANAGEMENT LLC 0.08% of their portfolio | 120.0k $4.2m | Added +29.3k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 117.9k $4.2m | Reduced -332.7k |
| Jefferies Financial Group Inc. 0.07% of their portfolio | 115.2k $4.1m | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 110.4k $3.9m | Reduced -134.0k |
| Polar Asset Management Partners Inc. 0.09% of their portfolio | 109.2k $3.9m | New |
| Carlyle Group Inc. 0.43% of their portfolio | 107.2k $4.1m | New |
| AlpInvest Partners B.V. 2.35% of their portfolio | 103.3k $4.0m | New |
| Squarepoint Ops LLC 0.01% of their portfolio | 103.2k $3.7m | Reduced -62.2k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 102.8k $3.6m | Reduced -578.1k |
| Hudson Bay Capital Management LP 0.02% of their portfolio | 96.7k $3.4m | Added +37.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 90.5k $3.2m | Reduced -104.4k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 88.9k $3.1m | Added +59.7k |
| Cinctive Capital Management LP 0.17% of their portfolio | 83.5k $3.0m | New |
| ROYCE & ASSOCIATES LP 0.03% of their portfolio | 81.1k $2.9m | Reduced -3.6k |
| Weiss Asset Management LP 0.07% of their portfolio | 78.8k $2.8m | Added +33.3k |
| BARCLAYS PLC 0.00% of their portfolio | 73.4k $2.6m | Reduced -57.9k |
| MOORE CAPITAL MANAGEMENT, LP 0.07% of their portfolio | 71.8k $2.5m | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 70.0k $2.5m | Reduced -19.5k |
| Union Square Park Capital Management, LLC 3.11% of their portfolio | 65.0k $2.3m | New |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 62.2k $2.2m | Reduced -62.8k |
| UBS Group AG 0.00% of their portfolio | 60.0k $2.1m | Added +42.7k |
| ExodusPoint Capital Management, LP 0.02% of their portfolio | 59.2k $2.1m | Reduced -12.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 59.0k $2.1m | Reduced -118.9k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 57.8k $2.0m | Reduced -34.8k |
| Legal & General Group Plc 0.00% of their portfolio | 57.1k $2.0m | Reduced -24.4k |
| ISTHMUS PARTNERS, LLC 0.24% of their portfolio | 56.1k $2.0m | Reduced -5.6k |
| Cresset Asset Management, LLC 0.01% of their portfolio | 54.1k $1.9m | Added +4.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 45.8k $1.6m | Reduced -160 |
| Walleye Trading LLC 0.04% of their portfolio | 41.9k $1.5m | New |
| Swiss National Bank 0.00% of their portfolio | 41.3k $1.5m | Reduced -10.7k |
| BARDIN HILL MANAGEMENT PARTNERS LP 0.78% of their portfolio | 41.2k $1.5m | New |
| Public Sector Pension Investment Board 0.01% of their portfolio | 40.6k $1.4m | Reduced -29.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 39.1k $1.4m | Added +7.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 35.5k $1.3m | Reduced -1.3k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 35.0k $1.2m | Reduced -100.9k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 35.0k $1.2m | Reduced -337.5k |
| Saba Capital Management, L.P. 0.03% of their portfolio | 35.0k $1.2m | Reduced -43.7k |
| Gotham Asset Management, LLC 0.01% of their portfolio | 34.8k $1.2m | New |
| SIMPLEX TRADING, LLC 0.04% of their portfolio | 33.9k $1.2m | New |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 33.4k $1.2m | Reduced -8.3k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 33.3k $1.2m | Added +3.3k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 32.0k $1.1m | Reduced -41.7k |
| CITIGROUP INC 0.00% of their portfolio | 31.8k $1.1m | Reduced -4.6k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 27.3k $965.3k | Added +659 |
| Paloma Partners Management Co 0.05% of their portfolio | 25.4k $900.8k | New |
| GROUP ONE TRADING LLC 0.04% of their portfolio | 25.0k $885.1k | Added +7.8k |
| ARISTEIA CAPITAL, L.L.C. 0.03% of their portfolio | 25.0k $884.6k | Reduced -20.5k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 24.9k $882.5k | Added +20.3k |
| Diametric Capital, LP 0.43% of their portfolio | 24.8k $877.2k | New |
| Atom Investors LP 0.09% of their portfolio | 24.4k $865.2k | New |
| Quantbot Technologies LP 0.03% of their portfolio | 23.0k $812.6k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 21.4k $759.0k | Added +289 |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 21.2k $751.6k | Reduced -86.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 20.3k $717.9k | Reduced -5.4k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 20.3k $717.1k | Reduced -64.2k |
| Creative Planning 0.00% of their portfolio | 19.9k $703.9k | Added +1.1k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 19.8k $703.0k | Reduced -10.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 19.8k $701.4k | Added +9.5k |
| XTX Topco Ltd 0.05% of their portfolio | 19.5k $692.0k | Added +3.5k |
| Ensign Peak Advisors, Inc 0.00% of their portfolio | 19.3k $683.1k | Unchanged |
| INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio | 18.0k $637.2k | Unchanged |
| Brevan Howard Capital Management LP 0.03% of their portfolio | 17.2k $608.2k | New |
| WOLVERINE TRADING, LLC 0.02% of their portfolio | 16.9k $598.7k | New |
| Sugar Maple Asset Management, LLC 0.52% of their portfolio | 16.8k $594.7k | Added +2.1k |
| Tidal Investments LLC 0.01% of their portfolio | 15.1k $535.1k | Reduced -7.7k |