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

Cornercap Investment Counsel Inc. lowered its stake in shares of FedEx Co. (NYSE:FDX) by 52.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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.

Other hedge funds also recently modified their holdings of the company. Evermay Wealth Management LLC lifted its position in shares of FedEx by 72.7% during the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after buying an additional 40 shares during the last quarter. Highline Wealth Partners LLC purchased a new stake in FedEx during the third quarter valued at about $31,000. Central Valley Advisors LLC bought a new position in FedEx during the second quarter worth about $39,000. Abound Wealth Management increased its stake in shares of FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after purchasing an additional 95 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of FedEx during the 3rd quarter valued at approximately $47,000. Institutional investors own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Raymond James lowered their target price on shares of FedEx from $335.00 to $330.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Daiwa America cut FedEx from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. The Goldman Sachs Group decreased their price target on FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. Robert W. Baird cut their price objective on shares of FedEx from $340.00 to $320.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Stephens reaffirmed an “overweight” rating and set a $350.00 target price on shares of FedEx in a report 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 company. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $316.04.

FedEx Stock Performance

Shares of NYSE:FDX opened at $292.28 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $275.04 and a 200-day moving average price of $275.95. The company has a market cap of $71.41 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.17. FedEx Co. has a 12 month low of $234.45 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last released 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 15.61% and a net margin of 4.62%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter last year, the business posted $4.55 EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities analysts anticipate that FedEx Co. will post 19.59 EPS for the current year.

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.