Cornercap Investment Counsel Inc. Lowers Position in FedEx Co. (NYSE:FDX)

Cornercap Investment Counsel Inc. decreased its stake in shares of FedEx Co. (NYSE:FDX - Free Report) by 52.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,461 shares of the shipping service provider's stock after selling 5,990 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in FedEx were worth $1,495,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its stake in FedEx by 7.8% in the third quarter. CIBC Asset Management Inc now owns 33,562 shares of the shipping service provider's stock worth $9,185,000 after purchasing an additional 2,430 shares in the last quarter. ING Groep NV lifted its holdings in shares of FedEx by 8.5% in the 3rd quarter. ING Groep NV now owns 33,041 shares of the shipping service provider's stock worth $9,043,000 after buying an additional 2,577 shares during the period. Sargent Investment Group LLC grew its position in shares of FedEx by 25.0% during the 3rd quarter. Sargent Investment Group LLC now owns 7,235 shares of the shipping service provider's stock worth $1,980,000 after buying an additional 1,447 shares in the last quarter. Intelligence Driven Advisers LLC increased its stake in shares of FedEx by 12.3% during the third quarter. Intelligence Driven Advisers LLC now owns 929 shares of the shipping service provider's stock valued at $254,000 after buying an additional 102 shares during the period. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in shares of FedEx by 5.5% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 1,617 shares of the shipping service provider's stock valued at $443,000 after acquiring an additional 85 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FDX has been the topic of a number of analyst reports. Morgan Stanley downgraded FedEx from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $215.00 to $200.00 in a report on Friday, September 20th. TD Cowen dropped their price target on FedEx from $334.00 to $328.00 and set a "buy" rating on the stock in a research note on Friday, September 20th. Citigroup upped their price target on shares of FedEx from $301.00 to $331.00 and gave the company a "buy" rating in a research note on Tuesday. Stifel Nicolaus dropped their price objective on shares of FedEx from $327.00 to $321.00 and set a "buy" rating on the stock in a report on Friday, September 20th. Finally, Robert W. Baird reduced their target price on FedEx from $340.00 to $320.00 and set an "outperform" rating for the company in a research note on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $316.04.

FedEx Price Performance

Shares of NYSE FDX traded up $2.17 during mid-day trading on Friday, reaching $294.46. The company's stock had a trading volume of 1,498,799 shares, compared to its average volume of 1,805,875. The stock has a 50-day moving average of $275.18 and a two-hundred day moving average of $276.07. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. The stock has a market capitalization of $71.94 billion, a P/E ratio of 18.16, a P/E/G ratio of 1.17 and a beta of 1.17. FedEx Co. has a 1-year low of $234.45 and a 1-year high of $313.84.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $21.58 billion during the quarter, compared to analysts' expectations of $21.87 billion. During the same quarter last year, the company earned $4.55 earnings per share. FedEx's revenue for the quarter was down .5% on a year-over-year basis. On average, equities research analysts anticipate that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 1.87%. FedEx's payout ratio is currently 34.05%.

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.