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 ($6.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.29. Options: 13 managers hold calls ($22.4m notional), 14 hold puts ($26.5m).
Trends to Q4 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 |
| Q4 2024 | 212 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2024 | 97 | 98 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2024 | $12.1m | $33.2m | 2.74 |
| Q2 2024 | $6.9m | $14.8m | 2.14 |
| Q3 2024 | $73.3m | $92.0m | 1.25 |
| Q4 2024 | $22.4m | $26.5m | 1.18 |
Biggest buyers
| Point72 Asset Management, L.P. | Added | +428.6k |
| UBS Group AG | Added | +394.4k |
| Assenagon Asset Management S.A. | New | +345.4k |
| GOLDENTREE ASSET MANAGEMENT LP | Added | +308.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | New | +285.2k |
| Brevan Howard Capital Management LP | Added | +232.8k |
| RENAISSANCE TECHNOLOGIES LLC | New | +195.0k |
| Jefferies Financial Group Inc. | Added | +170.5k |
| BRIGADE CAPITAL MANAGEMENT, LP | New | +166.0k |
| Hudson Bay Capital Management LP | Added | +144.8k |
Biggest sellers
| SCOPUS ASSET MANAGEMENT, L.P. | Sold out | -1.3m |
| JPMORGAN CHASE & CO | Reduced | -560.0k |
| HAWK RIDGE CAPITAL MANAGEMENT LP | Sold out | -392.1k |
| BANK OF AMERICA CORP /DE/ | Reduced | -199.8k |
| Ancora Advisors LLC | Reduced | -170.6k |
| Caption Management, LLC | Sold out | -153.1k |
| HRT FINANCIAL LP | Sold out | -151.9k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -124.0k |
| GOLDMAN SACHS GROUP INC | Reduced | -117.3k |
| Invesco Ltd. | Reduced | -113.6k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $6.3m194.0k shares |
| CITADEL ADVISORS LLC | Reduced | $4.4m136.5k shares |
| Walleye Capital LLC | Added | $1.9m58.0k shares |
| D. E. Shaw & Co., Inc. | Added | $1.8m56.9k shares |
| Cinctive Capital Management LP | Unchanged | $1.6m50.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.6m48.9k shares |
| GROUP ONE TRADING LLC | Reduced | $1.4m42.4k shares |
| Walleye Trading LLC | Reduced | $1.3m39.7k shares |
| K2 PRINCIPAL FUND, L.P. | New | $725.6k22.5k shares |
| Cubist Systematic Strategies, LLC | Reduced | $587.0k18.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $8.5m264.5k shares |
| LMR Partners LLP | New | $4.8m150.0k shares |
| JANE STREET GROUP, LLC | Reduced | $2.5m76.4k shares |
| GROUP ONE TRADING LLC | Reduced | $2.2m69.3k shares |
| CITADEL ADVISORS LLC | Reduced | $2.0m60.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.6m49.3k shares |
| D. E. Shaw & Co., Inc. | Reduced | $1.4m41.9k shares |
| Walleye Trading LLC | Reduced | $1.2m37.9k shares |
| Cubist Systematic Strategies, LLC | Reduced | $645.0k20.0k shares |
| WOLVERINE TRADING, LLC | Reduced | $635.0k19.3k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
None reported in Q4 2024.
Holders, Q4 2024
| Manager | Shares | Change |
|---|---|---|
| CLEARLAKE CAPITAL GROUP, L.P. 10.06% of their portfolio | 3.8m $123.4m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 3.5m $112.2m | Added +144.4k |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.0m $65.9m | Reduced -19.4k |
| Ridgemont Partners Management, LLC 86.39% of their portfolio | 1.9m $61.6m | Unchanged |
| LITTLEJOHN & CO LLC 27.16% of their portfolio | 1.7m $53.4m | Reduced -11.0k |
| MFN Partners Management, LP 0.82% of their portfolio | 1.3m $41.6m | Unchanged |
| Irenic Capital Management LP 6.04% of their portfolio | 1.2m $39.7m | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 1.0m $32.3m | Added +59.2k |
| PRIVATE MANAGEMENT GROUP INC 1.13% of their portfolio | 967.6k $31.2m | Reduced -48.9k |
| Ancora Advisors LLC 0.69% of their portfolio | 954.9k $30.8m | Reduced -170.6k |
| MORGAN STANLEY 0.00% of their portfolio | 770.7k $24.9m | Reduced -55.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 755.8k $24.4m | Added +80.0k |
| Paralel Advisors LLC 1.03% of their portfolio | 750.0k $24.2m | Unchanged |
| GOLDENTREE ASSET MANAGEMENT LP 1.76% of their portfolio | 712.7k $22.9m | Added +308.6k |
| ALTA FOX CAPITAL MANAGEMENT, LLC 7.95% of their portfolio | 692.1k $22.3m | Reduced -104.9k |
| J. Goldman & Co LP 0.77% of their portfolio | 674.7k $21.8m | Reduced -76.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 553.1k $17.8m | Reduced -3.1k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 463.6k $15.0m | Added +428.6k |
| UBS Group AG 0.00% of their portfolio | 454.4k $14.7m | Added +394.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 389.1k $12.5m | Reduced -199.8k |
| Penn Capital Management Company, LLC 1.21% of their portfolio | 380.9k $12.3m | Added +57.9k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 373.3k $12.0m | Reduced -117.3k |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 345.4k $11.1m | New |
| One Fin Capital Management LP 4.68% of their portfolio | 335.8k $10.8m | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 295.2k $9.5m | Added +43.6k |
| Jefferies Financial Group Inc. 0.10% of their portfolio | 285.7k $9.2m | Added +170.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio | 285.2k $9.2m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 273.5k $8.8m | Added +40.2k |
| Brevan Howard Capital Management LP 0.20% of their portfolio | 250.0k $8.1m | Added +232.8k |
| Hudson Bay Capital Management LP 0.05% of their portfolio | 241.4k $7.8m | Added +144.8k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 206.9k $6.7m | Reduced -17.8k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 204.5k $6.6m | Reduced -124.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 195.0k $6.3m | New |
| Invesco Ltd. 0.00% of their portfolio | 190.4k $6.1m | Reduced -113.6k |
| Kintayl Capital LP 5.01% of their portfolio | 167.8k $5.4m | First filing |
| BRIGADE CAPITAL MANAGEMENT, LP 10.31% of their portfolio | 166.0k $5.4m | New |
| Allianz Asset Management GmbH 0.01% of their portfolio | 156.5k $5.0m | Added +9.1k |
| LMR Partners LLP 0.08% of their portfolio | 150.0k $4.8m | Added +143.5k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 146.2k $4.7m | Added +84.0k |
| Cinctive Capital Management LP 0.23% of their portfolio | 131.4k $4.2m | Added +47.9k |
| ICON ADVISERS INC/CO 0.93% of their portfolio | 128.0k $4.1m | New |
| Mill Road Capital Management LLC 1.98% of their portfolio | 127.7k $4.1m | New |
| ExodusPoint Capital Management, LP 0.04% of their portfolio | 125.7k $4.1m | Added +66.5k |
| Verition Fund Management LLC 0.02% of their portfolio | 122.8k $4.0m | Reduced -85.6k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 120.3k $3.9m | Added +2.3k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 114.0k $3.7m | New |
| Carlyle Group Inc. 0.10% of their portfolio | 107.2k $4.1m | Unchanged |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 103.4k $3.3m | Added +572 |
| AlpInvest Partners B.V. 4.12% of their portfolio | 103.3k $4.0m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 97.1k $3.1m | Added +6.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 93.9k $3.0m | Reduced -560.0k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio | 88.2k $2.8m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 83.0k $2.7m | Reduced -49.9k |
| ROYCE & ASSOCIATES LP 0.02% of their portfolio | 78.3k $2.5m | Reduced -2.7k |
| BARDIN HILL MANAGEMENT PARTNERS LP 1.40% of their portfolio | 77.6k $2.5m | Added +36.4k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.45% of their portfolio | 77.1k $2.5m | New |
| BARCLAYS PLC 0.00% of their portfolio | 72.6k $2.3m | Reduced -808 |
| Anthracite Investment Company, Inc. 1.13% of their portfolio | 70.0k $2.3m | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 69.9k $2.3m | Reduced -113 |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 66.7k $2.1m | Added +41.7k |
| Cubist Systematic Strategies, LLC 0.03% of their portfolio | 62.5k $2.0m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 58.0k $1.9m | Added +257 |
| ISTHMUS PARTNERS, LLC 0.22% of their portfolio | 57.0k $1.8m | Added +940 |
| Legal & General Group Plc 0.00% of their portfolio | 55.6k $1.8m | Reduced -1.5k |
| Cresset Asset Management, LLC 0.01% of their portfolio | 53.4k $1.7m | Reduced -749 |
| Public Sector Pension Investment Board 0.01% of their portfolio | 49.8k $1.6m | Added +9.3k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 49.4k $1.6m | Reduced -39.5k |
| Gotham Asset Management, LLC 0.01% of their portfolio | 46.2k $1.5m | Added +11.4k |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 46.1k $1.5m | Added +24.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 44.7k $1.4m | Reduced -14.2k |
| INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 44.5k $1.4m | Added +32.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 44.2k $1.4m | Reduced -1.6k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 43.3k $1.4m | Reduced -78.7k |
| Swiss National Bank 0.00% of their portfolio | 40.9k $1.3m | Reduced -400 |
| CITIGROUP INC 0.00% of their portfolio | 38.9k $1.3m | Added +7.1k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 38.5k $1.2m | New |
| Quantbot Technologies LP 0.04% of their portfolio | 38.1k $1.2m | Added +15.2k |
| Saba Capital Management, L.P. 0.03% of their portfolio | 35.0k $1.1m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 33.1k $1.1m | Reduced -2.4k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 32.3k $1.0m | Reduced -1.1k |
| Numerai GP LLC 0.28% of their portfolio | 31.4k $1.0m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 30.0k $968.8k | Added +2.8k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 28.3k $903.7k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 26.8k $863.8k | Reduced -83.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 25.1k $810.0k | Reduced -14.0k |
| Legato Capital Management LLC 0.10% of their portfolio | 23.1k $744.8k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 22.9k $741.0k | Added +1.5k |
| Sugar Maple Asset Management, LLC 0.51% of their portfolio | 20.9k $674.0k | Added +4.1k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 20.3k $653.3k | Unchanged |
| Polar Asset Management Partners Inc. 0.01% of their portfolio | 20.1k $648.6k | Reduced -89.1k |
| Creative Planning 0.00% of their portfolio | 20.0k $645.8k | Added +141 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 19.7k $636.0k | Reduced -559 |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 19.6k $632.0k | Reduced -253 |
| Ensign Peak Advisors, Inc 0.00% of their portfolio | 19.3k $622.3k | Unchanged |
| Bryce Point Capital, LLC 0.17% of their portfolio | 18.4k $594.6k | First filing |
| INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio | 18.4k $593.4k | Added +400 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 18.1k $582.3k | Added +10.0k |
| Atom Investors LP 0.07% of their portfolio | 17.3k $557.5k | Reduced -7.2k |
| Walleye Trading LLC 0.01% of their portfolio | 16.9k $544.0k | Reduced -25.0k |
| Lombard Odier Asset Management (USA) Corp 0.20% of their portfolio | 16.0k $516.0k | New |