Tectonic Advisors LLC grew its position in shares of FedEx Co. (NYSE:FDX – Free Report) by 4.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,644 shares of the shipping service provider’s stock after purchasing an additional 823 shares during the period. Tectonic Advisors LLC’s holdings in FedEx were worth $4,622,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of FedEx in the fourth quarter worth $388,787,000. Mizuho Markets Americas LLC bought a new stake in shares of FedEx in the first quarter worth $314,712,000. Mizuho Markets Cayman LP increased its stake in shares of FedEx by 64,686.3% in the first quarter. Mizuho Markets Cayman LP now owns 1,377,356 shares of the shipping service provider’s stock worth $314,712,000 after buying an additional 1,375,230 shares during the last quarter. Morgan Stanley increased its stake in shares of FedEx by 19.6% in the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock worth $591,124,000 after buying an additional 559,607 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in FedEx by 34.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,951,974 shares of the shipping service provider’s stock worth $338,082,000 after purchasing an additional 500,361 shares during the period. Hedge funds and other institutional investors own 73.61% of the company’s stock.
Insiders Place Their Bets
In other FedEx news, VP Jennifer L. Johnson sold 10,801 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $238.61, for a total transaction of $2,577,226.61. Following the completion of the sale, the vice president now owns 3,196 shares of the company’s stock, valued at $762,597.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Michael C. Lenz sold 5,745 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $261.88, for a total transaction of $1,504,500.60. Following the completion of the transaction, the executive vice president now directly owns 22,478 shares in the company, valued at $5,886,538.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Jennifer L. Johnson sold 10,801 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $238.61, for a total value of $2,577,226.61. Following the transaction, the vice president now owns 3,196 shares of the company’s stock, valued at $762,597.56. The disclosure for this sale can be found here. Insiders sold 35,816 shares of company stock valued at $8,822,147 over the last 90 days. 8.73% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms have commented on FDX. Atlantic Securities began coverage on shares of FedEx in a report on Tuesday, June 6th. They issued an “overweight” rating and a $265.00 price objective for the company. StockNews.com began coverage on shares of FedEx in a report on Thursday, August 17th. They issued a “buy” rating for the company. The Goldman Sachs Group lifted their price objective on shares of FedEx from $269.00 to $278.00 in a report on Wednesday, September 13th. Raymond James boosted their price target on shares of FedEx from $270.00 to $279.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Jefferies Financial Group boosted their price target on shares of FedEx from $245.00 to $265.00 in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $260.22.
FedEx Stock Up 4.2 %
Shares of NYSE FDX traded up $10.41 during trading hours on Thursday, hitting $260.93. The stock had a trading volume of 3,431,779 shares, compared to its average volume of 1,968,913. The company has a market capitalization of $65.63 billion, a P/E ratio of 17.03, a P/E/G ratio of 1.20 and a beta of 1.36. The firm’s 50-day moving average price is $260.56 and its two-hundred day moving average price is $238.98. FedEx Co. has a 52 week low of $141.92 and a 52 week high of $270.95. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.33 and a current ratio of 1.37.
FedEx (NYSE:FDX – Get Free Report) last announced its quarterly earnings results on Wednesday, September 20th. The shipping service provider reported $4.55 EPS for the quarter, beating the consensus estimate of $3.71 by $0.84. The business had revenue of $21.68 billion during the quarter, compared to analysts’ expectations of $21.74 billion. FedEx had a return on equity of 15.32% and a net margin of 4.41%. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.44 EPS. Analysts anticipate that FedEx Co. will post 17.37 EPS for the current fiscal year.
FedEx Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be given a dividend of $1.26 per share. The ex-dividend date is Friday, September 8th. This represents a $5.04 dividend on an annualized basis and a yield of 1.93%. FedEx’s payout ratio is currently 32.52%.
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.
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