Cornercap Investment Counsel Inc. Sells 5,990 Shares of FedEx Co. (NYSE:FDX)

Cornercap Investment Counsel Inc. reduced its position in FedEx Co. (NYSE:FDX) by 52.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,461 shares of the shipping service provider’s stock after selling 5,990 shares during the period. Cornercap Investment Counsel Inc.’s holdings in FedEx were worth $1,495,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FDX. Koshinski Asset Management Inc. boosted its stake in FedEx by 13.2% during the first quarter. Koshinski Asset Management Inc. now owns 1,548 shares of the shipping service provider’s stock worth $448,000 after buying an additional 180 shares during the period. ProVise Management Group LLC purchased a new position in shares of FedEx during the first quarter valued at approximately $209,000. Mizuho Markets Cayman LP grew its stake in shares of FedEx by 115.5% during the first quarter. Mizuho Markets Cayman LP now owns 4,453 shares of the shipping service provider’s stock valued at $1,290,000 after buying an additional 33,246 shares during the last quarter. Councilmark Asset Management LLC purchased a new stake in shares of FedEx in the first quarter worth approximately $587,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new stake in shares of FedEx during the 1st quarter worth approximately $227,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Stock Up 0.1 %

FedEx stock opened at $292.28 on Friday. FedEx Co. has a fifty-two week low of $234.45 and a fifty-two week high of $313.84. The company has a market cap of $71.41 billion, a PE ratio of 18.03, a PEG ratio of 1.17 and a beta of 1.17. 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 business’s 50-day simple moving average is $275.04 and its two-hundred day simple moving average is $275.95.

FedEx (NYSE:FDX) 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). The business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.55 earnings per share. Equities analysts anticipate that FedEx Co. will post 19.59 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FDX. Bank of America reduced their price target on shares of FedEx from $347.00 to $345.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. JPMorgan Chase & Co. reduced their target price on shares of FedEx from $359.00 to $350.00 and set an “overweight” rating on the stock in a research report on Friday, September 20th. Susquehanna dropped their price objective on FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a research note on Friday, September 20th. Bernstein Bank lifted their target price on FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Finally, TD Cowen lowered their price objective on shares of FedEx from $334.00 to $328.00 and set a “buy” 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 assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and an average target price of $316.04.

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.