Byrne Asset Management LLC Reduces Position in United Parcel Service, Inc. $UPS

Key Points

• Byrne Asset Management LLC significantly reduced its position in United Parcel Service, Inc. by 91.6%, now holding only 438 shares worth approximately $44,000.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., increased their stakes in UPS in the first quarter, suggesting continued confidence in the stock.
• Analysts have lowered their price targets for UPS, with the consensus now at $112.34, reflecting a mixed outlook on the company's performance amid a recent earnings miss.

Byrne Asset Management LLC trimmed its holdings in shares of United Parcel Service, Inc. (NYSE:UPS - Free Report) by 91.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 438 shares of the transportation company's stock after selling 4,772 shares during the quarter. Byrne Asset Management LLC's holdings in United Parcel Service were worth $44,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of United Parcel Service by 1.5% during the first quarter. Vanguard Group Inc. now owns 66,136,226 shares of the transportation company's stock worth $7,274,323,000 after acquiring an additional 999,832 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in United Parcel Service by 7.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 25,045,472 shares of the transportation company's stock valued at $2,754,751,000 after buying an additional 1,780,807 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in United Parcel Service by 124.0% in the first quarter. Goldman Sachs Group Inc. now owns 9,011,107 shares of the transportation company's stock valued at $991,132,000 after buying an additional 4,988,044 shares during the last quarter. Northern Trust Corp increased its holdings in United Parcel Service by 0.3% in the first quarter. Northern Trust Corp now owns 7,415,523 shares of the transportation company's stock valued at $815,633,000 after buying an additional 23,918 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in United Parcel Service by 3.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,719,145 shares of the transportation company's stock valued at $519,059,000 after buying an additional 171,303 shares during the last quarter. 60.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on UPS shares. Truist Financial lowered their price objective on United Parcel Service from $130.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. UBS Group lowered their price objective on United Parcel Service from $124.00 to $118.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Evercore ISI lowered their price objective on United Parcel Service from $103.00 to $97.00 and set an "in-line" rating for the company in a report on Wednesday, July 30th. Susquehanna lowered their price objective on United Parcel Service from $110.00 to $100.00 and set a "neutral" rating for the company in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lowered their price objective on United Parcel Service from $110.00 to $107.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, United Parcel Service currently has an average rating of "Hold" and a consensus price target of $112.34.

Insider Buying and Selling

In other United Parcel Service news, Director William R. Johnson acquired 5,000 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $86.50 per share, for a total transaction of $432,500.00. Following the completion of the acquisition, the director owned 10,160 shares of the company's stock, valued at approximately $878,840. This trade represents a 96.90% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christiana Smith Shi acquired 500 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was acquired at an average price of $88.17 per share, with a total value of $44,085.00. Following the completion of the acquisition, the director directly owned 500 shares of the company's stock, valued at $44,085. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 17,182 shares of company stock worth $1,477,382. Corporate insiders own 0.13% of the company's stock.

United Parcel Service Price Performance

Shares of NYSE:UPS opened at $85.19 on Wednesday. United Parcel Service, Inc. has a 12-month low of $82.00 and a 12-month high of $145.01. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.51. The company has a market cap of $72.20 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.08. The company's fifty day moving average is $90.54 and its two-hundred day moving average is $98.37.

United Parcel Service (NYSE:UPS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The transportation company reported $1.55 earnings per share for the quarter, missing analysts' consensus estimates of $1.56 by ($0.01). United Parcel Service had a return on equity of 39.61% and a net margin of 6.34%.The company had revenue of $21.20 billion during the quarter, compared to analyst estimates of $20.90 billion. During the same period last year, the company posted $1.79 earnings per share. The company's revenue was down 2.7% compared to the same quarter last year. Equities analysts expect that United Parcel Service, Inc. will post 7.95 earnings per share for the current fiscal year.

United Parcel Service Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Monday, August 18th were issued a $1.64 dividend. The ex-dividend date was Monday, August 18th. This represents a $6.56 dividend on an annualized basis and a yield of 7.7%. United Parcel Service's dividend payout ratio is currently 97.62%.

United Parcel Service Profile

United Parcel Service, Inc, a package delivery company, provides transportation and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage, and insurance services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery of express letters, documents, small packages, and palletized freight through air and ground services in the United States.

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