Sound Shore Management Inc. CT Has $67.93 Million Position in FedEx Co. (NYSE:FDX)

Sound Shore Management Inc. CT boosted its stake in shares of FedEx Co. (NYSE:FDX) by 12.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 241,475 shares of the shipping service provider’s stock after purchasing an additional 27,444 shares during the quarter. FedEx comprises 2.2% of Sound Shore Management Inc. CT’s portfolio, making the stock its 28th largest holding. Sound Shore Management Inc. CT’s holdings in FedEx were worth $67,934,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in FDX. Fortitude Family Office LLC raised its stake in FedEx by 144.4% during the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock worth $25,000 after acquiring an additional 52 shares in the last quarter. Peoples Financial Services CORP. acquired a new position in shares of FedEx in the 4th quarter valued at approximately $28,000. City Holding Co. acquired a new position in shares of FedEx in the 4th quarter valued at approximately $28,000. Kentucky Trust Co bought a new stake in FedEx in the 4th quarter valued at approximately $28,000. Finally, Activest Wealth Management bought a new stake in shares of FedEx during the 4th quarter worth approximately $29,000. Institutional investors own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Loop Capital cut FedEx from a “hold” rating to a “sell” rating and dropped their price target for the company from $283.00 to $221.00 in a research note on Friday. BMO Capital Markets dropped their target price on FedEx from $330.00 to $275.00 and set a “market perform” rating for the company in a research report on Friday. Oppenheimer restated a “market perform” rating on shares of FedEx in a research report on Friday. Wells Fargo & Company reduced their price objective on FedEx from $275.00 to $260.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, BNP Paribas raised FedEx from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $301.67.

FedEx Price Performance

NYSE FDX opened at $230.25 on Monday. The business’s fifty day moving average price is $259.95 and its 200-day moving average price is $272.35. The stock has a market capitalization of $55.46 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. FedEx Co. has a 1-year low of $217.22 and a 1-year high of $313.84.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company had revenue of $22.16 billion during the quarter, compared to the consensus estimate of $21.96 billion. During the same period in the prior year, the business posted $3.86 earnings per share. FedEx’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities analysts predict that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a dividend of $1.38 per share. The ex-dividend date is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a yield of 2.40%. FedEx’s dividend payout ratio is presently 35.18%.

Insider Buying and Selling at FedEx

In other news, CEO Richard W. Smith sold 2,576 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the completion of the transaction, the chief executive officer now owns 111,886 shares in the company, valued at $30,984,589.98. This trade represents a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Susan C. Schwab sold 3,980 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the transaction, the director now owns 8,904 shares of the company’s stock, valued at approximately $2,461,510.80. The trade was a 30.89 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.87% of the company’s stock.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.