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 ($3.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $20.12. Options: 16 managers hold calls ($21.4m notional), 20 hold puts ($31.8m).
Trends to Q1 2025
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 |
| Q1 2025 | 195 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2025 | 78 | 111 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $6.9m | $14.8m | 2.14 |
| Q3 2024 | $73.3m | $92.0m | 1.25 |
| Q4 2024 | $22.4m | $26.5m | 1.18 |
| Q1 2025 | $21.4m | $31.8m | 1.49 |
Biggest buyers
| LITTLEJOHN & CO LLC | Added | +1.2m |
| JPMORGAN CHASE & CO | Added | +440.5k |
| Verition Fund Management LLC | Added | +320.6k |
| MOORE CAPITAL MANAGEMENT, LP | New | +311.4k |
| ROYAL BANK OF CANADA | Added | +296.0k |
| Ancora Advisors LLC | Added | +275.5k |
| Paralel Advisors LLC | Added | +225.0k |
| Jefferies Financial Group Inc. | Added | +191.0k |
| J. Goldman & Co LP | Added | +189.0k |
| Union Square Park Capital Management, LLC | New | +140.0k |
Biggest sellers
| MFN Partners Management, LP | Sold out | -1.3m |
| GOLDENTREE ASSET MANAGEMENT LP | Sold out | -712.7k |
| ALTA FOX CAPITAL MANAGEMENT, LLC | Sold out | -692.1k |
| Point72 Asset Management, L.P. | Reduced | -351.1k |
| Assenagon Asset Management S.A. | Sold out | -345.4k |
| LMR Partners LLP | Sold out | -150.0k |
| JANE STREET GROUP, LLC | Reduced | -133.3k |
| Cinctive Capital Management LP | Sold out | -131.4k |
| BlackRock, Inc. | Reduced | -117.7k |
| FEDERATED HERMES, INC. | Reduced | -90.6k |
Biggest calls
| MILLENNIUM MANAGEMENT LLC | New | $5.0m250.0k shares |
| ExodusPoint Capital Management, LP | New | $3.6m180.0k shares |
| CITADEL ADVISORS LLC | Reduced | $2.7m133.9k shares |
| GROUP ONE TRADING LLC | Added | $2.4m121.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.8m91.8k shares |
| Centiva Capital, LP | New | $1.0m51.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $904.0k45.0k shares |
| Walleye Trading LLC | Reduced | $755.4k37.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $687.0k34.2k shares |
| JANE STREET GROUP, LLC | Added | $630.8k31.4k shares |
Biggest puts
| NOMURA HOLDINGS INC | New | $7.6m378.4k shares |
| BlackRock, Inc. | New | $6.0m300.0k shares |
| Silver Point Capital L.P. | New | $4.0m200.0k shares |
| Murchinson Ltd. | New | $2.8m100.0k shares |
| Jefferies Financial Group Inc. | New | $2.4m117.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.0m101.4k shares |
| Caption Management, LLC | Added | $884.0k44.0k shares |
| Walleye Trading LLC | Added | $837.8k41.7k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | New | $753.4k37.5k shares |
| Walleye Capital LLC | Added | $652.9k32.5k 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 2025
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 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 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| CLEARLAKE CAPITAL GROUP, L.P. 7.76% of their portfolio | 3.8m $76.8m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 3.4m $67.5m | Reduced -117.7k |
| LITTLEJOHN & CO LLC 29.48% of their portfolio | 2.8m $56.5m | Added +1.2m |
| VANGUARD GROUP INC 0.00% of their portfolio | 2.1m $41.2m | Added +6.7k |
| Ridgemont Partners Management, LLC 100.00% of their portfolio | 1.9m $38.4m | Unchanged |
| Ancora Advisors LLC 0.55% of their portfolio | 1.2m $24.7m | Added +275.5k |
| Irenic Capital Management LP 3.75% of their portfolio | 1.2m $24.7m | Unchanged |
| Paralel Advisors LLC 0.81% of their portfolio | 975.0k $19.6m | Added +225.0k |
| STATE STREET CORP 0.00% of their portfolio | 965.8k $19.4m | Reduced -36.4k |
| PRIVATE MANAGEMENT GROUP INC 0.69% of their portfolio | 962.6k $19.3m | Reduced -5.0k |
| MORGAN STANLEY 0.00% of their portfolio | 881.1k $17.7m | Added +110.4k |
| J. Goldman & Co LP 0.62% of their portfolio | 863.7k $17.4m | Added +189.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 761.2k $15.3m | Added +5.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 554.1k $11.1m | Added +986 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 534.4k $10.7m | Added +440.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 490.1k $9.8m | Added +101.0k |
| UBS Group AG 0.00% of their portfolio | 477.1k $9.6m | Added +22.7k |
| Jefferies Financial Group Inc. 0.17% of their portfolio | 476.7k $9.6m | Added +191.0k |
| Penn Capital Management Company, LLC 0.92% of their portfolio | 470.6k $9.5m | Added +89.6k |
| Verition Fund Management LLC 0.05% of their portfolio | 443.4k $8.9m | Added +320.6k |
| One Fin Capital Management LP 3.92% of their portfolio | 400.0k $8.0m | Added +64.2k |
| Brevan Howard Capital Management LP 0.21% of their portfolio | 380.8k $7.6m | Added +130.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 339.5k $6.8m | Added +54.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 329.0k $6.6m | Reduced -44.3k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 321.1k $6.5m | Added +296.0k |
| MOORE CAPITAL MANAGEMENT, LP 0.21% of their portfolio | 311.4k $6.3m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 294.7k $5.9m | Added +21.2k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 274.8k $5.5m | Reduced -20.4k |
| Invesco Ltd. 0.00% of their portfolio | 273.2k $5.5m | Added +82.8k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 229.2k $4.6m | Added +72.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 226.1k $4.5m | First filing |
| Kintayl Capital LP 3.23% of their portfolio | 223.1k $4.5m | Added +55.3k |
| ExodusPoint Capital Management, LP 0.05% of their portfolio | 189.6k $3.8m | Added +63.8k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 178.1k $3.6m | Reduced -28.7k |
| Hudson Bay Capital Management LP 0.02% of their portfolio | 173.2k $3.5m | Reduced -68.2k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 166.5k $3.3m | Reduced -38.0k |
| BRIGADE CAPITAL MANAGEMENT, LP 4.12% of their portfolio | 166.0k $3.3m | Unchanged |
| Union Square Park Capital Management, LLC 3.09% of their portfolio | 140.0k $2.8m | New |
| SG Americas Securities, LLC 0.01% of their portfolio | 136.9k $2.8m | New |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 132.1k $2.7m | Reduced -62.9k |
| Jump Financial, LLC 0.04% of their portfolio | 129.0k $2.6m | Added +120.1k |
| Mill Road Capital Management LLC 1.45% of their portfolio | 127.7k $2.6m | Unchanged |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 112.5k $2.3m | Reduced -351.1k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 111.8k $2.2m | Reduced -8.5k |
| Carlyle Group Inc. 0.07% of their portfolio | 107.2k $2.7m | Unchanged |
| AlpInvest Partners B.V. 3.78% of their portfolio | 103.3k $2.6m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 99.8k $2.0m | Added +2.7k |
| ICON ADVISERS INC/CO 0.44% of their portfolio | 93.0k $1.9m | Reduced -35.0k |
| Nuveen, LLC 0.00% of their portfolio | 91.7k $1.8m | First filing |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio | 88.2k $1.8m | Unchanged |
| Anthracite Investment Company, Inc. 1.03% of their portfolio | 82.0k $1.6m | Added +12.0k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.32% of their portfolio | 76.6k $1.5m | Reduced -531 |
| INTECH INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 73.0k $1.5m | Added +28.6k |
| ROYCE & ASSOCIATES LP 0.02% of their portfolio | 72.0k $1.4m | Reduced -6.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 70.1k $1.4m | Added +178 |
| Public Sector Pension Investment Board 0.01% of their portfolio | 63.3k $1.3m | Added +13.5k |
| BARCLAYS PLC 0.00% of their portfolio | 59.9k $1.2m | Reduced -12.7k |
| Quantbot Technologies LP 0.04% of their portfolio | 54.8k $1.1m | Added +16.7k |
| Legal & General Group Plc 0.00% of their portfolio | 53.9k $1.1m | Reduced -1.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 50.8k $1.0m | Added +6.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 50.6k $1.0m | Reduced -7.5k |
| Cresset Asset Management, LLC 0.00% of their portfolio | 49.6k $995.5k | Reduced -3.8k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 48.9k $982.4k | Reduced -65.1k |
| Saba Capital Management, L.P. 0.03% of their portfolio | 48.1k $967.3k | Added +13.2k |
| CAXTON ASSOCIATES LLP 0.03% of their portfolio | 47.8k $959.7k | First filing |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 46.1k $926.1k | Reduced -20.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 44.2k $888.1k | Unchanged |
| Swiss National Bank 0.00% of their portfolio | 42.9k $861.9k | Added +2.0k |
| Walleye Trading LLC 0.02% of their portfolio | 41.3k $830.3k | Added +24.5k |
| WHITEBOX ADVISORS LLC 0.03% of their portfolio | 41.1k $826.4k | New |
| CITIGROUP INC 0.00% of their portfolio | 38.6k $774.7k | Reduced -289 |
| Lombard Odier Asset Management (USA) Corp 0.25% of their portfolio | 37.2k $748.0k | Added +21.2k |
| INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio | 34.0k $683.1k | Added +15.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 33.1k $664.3k | Unchanged |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 31.9k $640.0k | Reduced -400 |
| Squarepoint Ops LLC 0.00% of their portfolio | 31.4k $630.2k | New |
| MARSHALL WACE, LLP 0.00% of their portfolio | 31.0k $621.9k | Reduced -7.6k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 29.4k $591.6k | Reduced -596 |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 28.3k $569.5k | Added +18.5k |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 27.5k $552.5k | New |
| Sugar Maple Asset Management, LLC 0.41% of their portfolio | 25.9k $520.3k | Added +5.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 24.7k $496.3k | Reduced -2.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 24.2k $486.0k | Added +1.2k |
| XTX Topco Ltd 0.02% of their portfolio | 23.9k $480.8k | New |
| HRT FINANCIAL LP 0.00% of their portfolio | 23.2k $466.0k | New |
| Legato Capital Management LLC 0.06% of their portfolio | 22.8k $458.2k | Reduced -289 |
| Numerai GP LLC 0.08% of their portfolio | 21.5k $432.1k | Reduced -9.9k |
| Creative Planning 0.00% of their portfolio | 20.6k $414.7k | Added +616 |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 20.1k $404.0k | Reduced -150 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 19.7k $396.2k | Unchanged |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 19.6k $394.0k | Unchanged |
| Ensign Peak Advisors, Inc 0.00% of their portfolio | 19.3k $387.7k | Unchanged |
| ZACKS INVESTMENT MANAGEMENT 0.00% of their portfolio | 18.2k $365.8k | New |
| Inspire Investing, LLC 0.04% of their portfolio | 17.2k $344.6k | Added +4.6k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 16.9k $340.1k | Reduced -11.4k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 16.3k $326.6k | Reduced -1.8k |
| Centiva Capital, LP 0.02% of their portfolio | 15.8k $317.4k | New |
| SUMMIT SECURITIES GROUP LLC 0.21% of their portfolio | 15.1k $303.4k | Added +14.8k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 14.9k $298.8k | Added +624 |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 14.7k $295.0k | Reduced -768 |