Wedge Capital Management L L P NC Acquires 19,589 Shares of United Parcel Service, Inc. $UPS

Key Points

• Wedge Capital Management increased its stake in United Parcel Service (UPS) by 22.7%, holding over 106,000 shares valued at approximately $10.7 million.
• Insiders, including Director William R. Johnson and CEO Carol B. Tome, purchased significant amounts of UPS stock, with Johnson's buy representing a 96.9% increase in his holdings.
• UPS reported a decline in revenues of 2.7% year-over-year, with earnings per share of $1.55, slightly missing the consensus estimate. The company also announced a quarterly dividend of $1.64 per share.

Wedge Capital Management L L P NC raised its holdings in shares of United Parcel Service, Inc. (NYSE:UPS - Free Report) by 22.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,014 shares of the transportation company's stock after purchasing an additional 19,589 shares during the period. Wedge Capital Management L L P NC's holdings in United Parcel Service were worth $10,701,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Silver Oak Securities Incorporated increased its stake in United Parcel Service by 23.1% during the second quarter. Silver Oak Securities Incorporated now owns 6,277 shares of the transportation company's stock valued at $634,000 after purchasing an additional 1,179 shares during the last quarter. CX Institutional increased its stake in United Parcel Service by 39.9% during the second quarter. CX Institutional now owns 60,165 shares of the transportation company's stock valued at $6,073,000 after purchasing an additional 17,152 shares during the last quarter. Wright Investors Service Inc. increased its stake in United Parcel Service by 1.3% during the second quarter. Wright Investors Service Inc. now owns 7,861 shares of the transportation company's stock valued at $793,000 after purchasing an additional 104 shares during the last quarter. Bridge Creek Capital Management LLC increased its stake in United Parcel Service by 9.4% during the second quarter. Bridge Creek Capital Management LLC now owns 40,539 shares of the transportation company's stock valued at $4,092,000 after purchasing an additional 3,494 shares during the last quarter. Finally, My Legacy Advisors LLC bought a new stake in United Parcel Service during the second quarter valued at $356,000. Institutional investors own 60.26% of the company's stock.

Insider Buying and Selling

In other news, Director William R. Johnson acquired 5,000 shares of the 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 transaction, the director directly owned 10,160 shares in the company, valued at $878,840. This trade represents a 96.90% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Carol B. Tome acquired 11,682 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $85.67 per share, with a total value of $1,000,796.94. Following the completion of the transaction, the chief executive officer owned 24,718 shares of the company's stock, valued at approximately $2,117,591.06. This trade represents a 89.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 17,182 shares of company stock worth $1,477,382 over the last three months. 0.13% of the stock is currently owned by company insiders.

United Parcel Service Price Performance

Shares of NYSE UPS traded up $0.22 during midday trading on Tuesday, reaching $84.45. 4,308,939 shares of the company traded hands, compared to its average volume of 6,692,292. The firm has a market cap of $71.58 billion, a PE ratio of 12.57, a PEG ratio of 1.55 and a beta of 1.08. The stock's 50-day simple moving average is $89.16 and its 200-day simple moving average is $97.24. United Parcel Service, Inc. has a 12 month low of $82.00 and a 12 month high of $145.01. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.32 and a current ratio of 1.32.

United Parcel Service (NYSE:UPS - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The transportation company reported $1.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.56 by ($0.01). United Parcel Service had a net margin of 6.34% and a return on equity of 39.61%. The company had revenue of $21.20 billion for the quarter, compared to the consensus estimate of $20.90 billion. During the same period in the previous year, the business posted $1.79 earnings per share. The firm's revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts anticipate 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 announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Monday, August 18th were paid a $1.64 dividend. The ex-dividend date was Monday, August 18th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 7.8%. United Parcel Service's dividend payout ratio (DPR) is 97.62%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Susquehanna lowered their price target on shares of United Parcel Service from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Oppenheimer cut their price target on shares of United Parcel Service from $114.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Truist Financial cut their price target on shares of United Parcel Service from $130.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Stifel Nicolaus reduced their price objective on shares of United Parcel Service from $124.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $96.00 target price (down previously from $125.00) on shares of United Parcel Service in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, United Parcel Service presently has a consensus rating of "Hold" and an average target price of $111.44.

United Parcel Service Company 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.