Sound Shore Management Inc. CT Has $78.82 Million Position in FedEx Co. (NYSE:FDX)

Sound Shore Management Inc. CT cut its stake in FedEx Co. (NYSE:FDX) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 262,858 shares of the shipping service provider’s stock after selling 8,184 shares during the quarter. FedEx makes up 2.6% of Sound Shore Management Inc. CT’s portfolio, making the stock its 19th biggest holding. Sound Shore Management Inc. CT’s holdings in FedEx were worth $78,815,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after purchasing an additional 1,056,061 shares during the last quarter. Capital International Investors grew its stake in shares of FedEx by 32.5% in the 1st quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after buying an additional 2,163,622 shares in the last quarter. Putnam Investments LLC increased its holdings in FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after buying an additional 798,084 shares during the last quarter. Mawer Investment Management Ltd. increased its holdings in FedEx by 43.5% in the first quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock worth $654,401,000 after buying an additional 684,679 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in FedEx by 5.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,182,504 shares of the shipping service provider’s stock valued at $654,312,000 after acquiring an additional 121,240 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Price Performance

FDX opened at $254.63 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. The company’s 50 day simple moving average is $292.43 and its 200-day simple moving average is $274.85. FedEx Co. has a one year low of $224.69 and a one year high of $313.84. The stock has a market capitalization of $62.66 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $21.87 billion. During the same period in the prior year, the firm posted $4.55 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. Sell-side analysts anticipate that FedEx Co. will post 20.82 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Monday, September 9th. FedEx’s payout ratio is 32.04%.

Insider Buying and Selling at FedEx

In other news, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $310.43, for a total value of $607,821.94. Following the completion of the sale, the executive vice president now directly owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the completion of the transaction, the executive vice president now owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the transaction, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FDX has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Friday. UBS Group lowered their target price on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a research report on Friday. Oppenheimer restated a “market perform” rating on shares of FedEx in a report on Wednesday, June 26th. Raymond James decreased their price target on FedEx from $335.00 to $330.00 and set a “buy” rating for the company in a research note on Friday. Finally, HSBC downgraded FedEx from a “buy” rating to a “hold” rating and set a $300.00 price objective on the stock. in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $312.84.

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.