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

Sound Shore Management Inc. CT raised its stake in shares of FedEx Co. (NYSE:FDX - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,475 shares of the shipping service provider's stock after buying an additional 27,444 shares during the period. FedEx accounts for approximately 2.2% of Sound Shore Management Inc. CT's portfolio, making the stock its 28th biggest holding. Sound Shore Management Inc. CT owned 0.10% of FedEx worth $67,934,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Fortitude Family Office LLC raised its position in shares of FedEx by 144.4% in the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider's stock valued at $25,000 after purchasing an additional 52 shares during the period. Peoples Financial Services CORP. bought a new position in FedEx in the 4th quarter worth $28,000. City Holding Co. bought a new position in FedEx in the 4th quarter worth $28,000. Kentucky Trust Co bought a new stake in FedEx during the fourth quarter valued at about $28,000. Finally, Activest Wealth Management acquired a new stake in shares of FedEx in the fourth quarter valued at about $29,000. Institutional investors own 84.47% of the company's stock.

Insiders Place Their Bets

In other news, Director Amy B. Lane acquired 333 shares of the firm's stock in a transaction on Thursday, December 26th. The shares were purchased at an average cost of $276.06 per share, for a total transaction of $91,927.98. Following the transaction, the director now owns 333 shares of the company's stock, valued at approximately $91,927.98. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard W. Smith sold 2,576 shares of the business's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total value of $713,371.68. Following the sale, the chief executive officer now owns 111,886 shares of the company's stock, valued at approximately $30,984,589.98. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.87% of the company's stock.

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FedEx Price Performance

NYSE:FDX traded down $1.13 on Tuesday, reaching $241.19. The stock had a trading volume of 2,668,902 shares, compared to its average volume of 1,686,039. The company has a market capitalization of $58.09 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The stock has a fifty day moving average price of $258.58 and a 200-day moving average price of $271.75. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx Co. has a 1-year low of $217.22 and a 1-year high of $313.84.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly 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). The business had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The firm's revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $3.86 earnings per share. Research analysts forecast that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be given a dividend of $1.38 per share. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.29%. FedEx's dividend payout ratio (DPR) is 34.63%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FDX shares. Wells Fargo & Company cut their price objective on FedEx from $275.00 to $260.00 and set an "equal weight" rating for the company in a research report on Friday. Stephens lowered their price objective on shares of FedEx from $320.00 to $300.00 and set an "overweight" rating on the stock in a research note on Friday. Piper Sandler cut shares of FedEx to a "neutral" rating in a research note on Monday, February 3rd. Raymond James reduced their price target on shares of FedEx from $320.00 to $290.00 and set an "outperform" rating for the company in a report on Friday. Finally, BNP Paribas upgraded shares of FedEx from a "strong sell" rating to a "strong-buy" rating in a report on Thursday, January 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $300.60.

FedEx Company 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.