M&T Bank Corp Purchases 5,595 Shares of Federal Signal Co. (NYSE:FSS)

Nov 28, 2023

M&T Bank Corp grew its holdings in shares of Federal Signal Co. (NYSE:FSS - Get Rating) by 34.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,893 shares of the conglomerate's stock after buying an additional 5,595 shares during the quarter. M&T Bank Corp's holdings in Federal Signal were worth $1,352,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Teacher Retirement System of Texas increased its stake in Federal Signal by 81.6% in the fourth quarter. Teacher Retirement System of Texas now owns 20,262 shares of the conglomerate's stock worth $942,000 after purchasing an additional 9,107 shares during the period. Quadrant Capital Group LLC increased its stake in Federal Signal by 10.0% in the 4th quarter. Quadrant Capital Group LLC now owns 3,672 shares of the conglomerate's stock worth $171,000 after buying an additional 334 shares during the period. Amalgamated Bank lifted its holdings in Federal Signal by 0.8% during the 4th quarter. Amalgamated Bank now owns 29,528 shares of the conglomerate's stock valued at $1,372,000 after buying an additional 237 shares in the last quarter. Sei Investments Co. boosted its position in Federal Signal by 18.4% in the 4th quarter. Sei Investments Co. now owns 26,442 shares of the conglomerate's stock valued at $1,229,000 after buying an additional 4,109 shares during the period. Finally, New York Life Investment Management LLC grew its stake in Federal Signal by 12.0% in the 4th quarter. New York Life Investment Management LLC now owns 16,808 shares of the conglomerate's stock worth $781,000 after acquiring an additional 1,803 shares in the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Ian A. Hudson sold 49,330 shares of the firm's stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $51.78, for a total value of $2,554,307.40. Following the completion of the sale, the chief financial officer now owns 70,651 shares of the company's stock, valued at approximately $3,658,308.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Lauren B. Elting sold 14,541 shares of the company's stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $53.86, for a total value of $783,178.26. Following the transaction, the chief accounting officer now directly owns 13,991 shares of the company's stock, valued at approximately $753,555.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Ian A. Hudson sold 49,330 shares of the firm's stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $51.78, for a total value of $2,554,307.40. Following the completion of the transaction, the chief financial officer now owns 70,651 shares of the company's stock, valued at approximately $3,658,308.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,214 shares of company stock valued at $3,828,273. Corporate insiders own 3.10% of the company's stock.

Several research firms have recently weighed in on FSS. StockNews.com assumed coverage on shares of Federal Signal in a research note on Thursday, May 18th. They set a "hold" rating for the company. Sidoti downgraded Federal Signal from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research report on Thursday, February 23rd. DA Davidson raised their price target on Federal Signal from $54.00 to $68.00 in a research note on Thursday, March 2nd. Finally, Raymond James upped their price objective on shares of Federal Signal from $57.00 to $68.00 and gave the stock a "strong-buy" rating in a research note on Thursday, March 2nd. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.25.

Shares of NYSE:FSS opened at $54.71 on Friday. The company has a market capitalization of $3.33 billion, a PE ratio of 26.18 and a beta of 1.07. The company has a current ratio of 2.79, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. Federal Signal Co. has a 12-month low of $33.68 and a 12-month high of $58.15. The business's fifty day simple moving average is $52.41 and its 200-day simple moving average is $51.07.

Federal Signal (NYSE:FSS - Get Rating) last posted its earnings results on Tuesday, May 2nd. The conglomerate reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Federal Signal had a return on equity of 15.06% and a net margin of 8.54%. The company had revenue of $385.50 million for the quarter, compared to analyst estimates of $370.61 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts predict that Federal Signal Co. will post 2.37 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Friday, May 19th will be issued a $0.10 dividend. This is a positive change from Federal Signal's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, May 18th. Federal Signal's payout ratio is currently 19.14%.

Federal Signal Corp. engages in the design and manufacture of products and integrated solutions for municipal, governmental, industrial, and commercial customers. It operates through the Environmental Solutions Group and Safety and Security Systems Group segments. The Environment Solutions Group segment is involved in the manufacture and supply of street sweeper vehicles, sewer cleaners, vacuum loader trucks, hydro-excavation trucks, and water blasting equipment.

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