Shares of logistics company United Parcel Service (NYSE:UPS) are trending marginally higher today with contract negotiations set to resume next week with the Teamsters union. The two parties have walked away from negotiations before and the current contract is set to expire at the end of this month.
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The Teamsters represent nearly 340,000 UPS workers and have been picketing and conducting rallies over the past few days. While the two sides have agreed on multiple issues in previous talks, wage raises for part-time employees have been a bone of contention so far.
UPS is looking to reach a deal and noted that it is ready to hike pay and benefits. Interestingly, the union has appealed to the White House to not interfere if a strike does happen. The exact timing of the talks is yet to be hashed out.
In the meantime, UPS has begun training nonunion workers to ‘step in’ in case a strike does happen. The company delivers nearly 25% of all the parcels in the U.S. on a daily basis, according to Pitney Bowes (NYSE:PBI).
Overall, the Street has a $185 consensus price target on UPS alongside a Moderate Buy consensus rating. Shares of the company have climbed nearly 4.7% over the past month.
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