Cornercap Investment Counsel Inc. Sells 211 Shares of FedEx Co. (NYSE:FDX)

Cornercap Investment Counsel Inc. lowered its stake in FedEx Co. (NYSE:FDX) by 3.9% in the fourth quarter, Holdings Channel reports. The fund owned 5,250 shares of the shipping service provider’s stock after selling 211 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in FedEx were worth $1,477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FDX. Norges Bank bought a new position in FedEx in the fourth quarter valued at about $807,352,000. Raymond James Financial Inc. bought a new position in FedEx during the 4th quarter worth approximately $234,028,000. ACR Alpine Capital Research LLC lifted its position in shares of FedEx by 62.9% in the 4th quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider’s stock worth $239,909,000 after purchasing an additional 329,170 shares during the period. Bryn Mawr Capital Management LLC boosted its stake in shares of FedEx by 22,317.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 322,580 shares of the shipping service provider’s stock valued at $90,751,000 after purchasing an additional 321,141 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of FedEx by 8.6% during the third quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider’s stock worth $1,042,050,000 after buying an additional 314,380 shares during the period. 84.47% of the stock is owned by institutional investors.

FedEx Stock Performance

NYSE:FDX opened at $241.75 on Friday. FedEx Co. has a twelve month low of $217.22 and a twelve month high of $313.84. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. The stock has a market cap of $58.22 billion, a P/E ratio of 15.41, a PEG ratio of 1.11 and a beta of 1.23. The business’s 50-day moving average price is $256.59 and its two-hundred day moving average price is $271.07.

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

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, March 10th. FedEx’s payout ratio is 34.63%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FDX. Wells Fargo & Company cut their price target on shares of FedEx from $275.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Friday, March 21st. StockNews.com raised FedEx from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. Bank of America dropped their target price on shares of FedEx from $295.00 to $272.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. UBS Group decreased their price target on shares of FedEx from $350.00 to $331.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Stephens reduced their target price on FedEx from $320.00 to $300.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $302.71.

Insider Buying and Selling at FedEx

In related news, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares in the company, valued at $30,984,589.98. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the sale, the chief operating officer now directly owns 23,347 shares in the company, valued at approximately $5,686,161.85. The trade was a 20.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,711 shares of company stock valued at $3,312,693 in the last quarter. Company 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.