Kornitzer Capital Management Inc. KS Sells 3,346 Shares of FedEx Co. (NYSE:FDX)

Kornitzer Capital Management Inc. KS reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 8.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 35,457 shares of the shipping service provider’s stock after selling 3,346 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in FedEx were worth $8,970,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Financial Management Professionals Inc. increased its position in shares of FedEx by 143.2% during the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after acquiring an additional 63 shares during the period. Rakuten Securities Inc. bought a new stake in FedEx during the 4th quarter valued at $30,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of FedEx in the 4th quarter worth $31,000. Planned Solutions Inc. bought a new position in shares of FedEx during the 4th quarter worth $32,000. Finally, Valley National Advisers Inc. increased its stake in shares of FedEx by 123.3% during the fourth quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 74 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX stock traded up $3.62 during trading hours on Friday, hitting $266.99. The company’s stock had a trading volume of 1,894,373 shares, compared to its average volume of 2,131,599. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average of $259.22 and a 200 day moving average of $254.19. FedEx Co. has a 12-month low of $213.80 and a 12-month high of $291.27. The stock has a market cap of $65.70 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.24 and a beta of 1.21.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period last year, the firm earned $3.41 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that FedEx Co. will post 17.67 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were paid a dividend of $1.26 per share. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.89%. FedEx’s payout ratio is 29.07%.

FedEx announced that its Board of Directors has approved a stock buyback program on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on FDX. Morgan Stanley upped their price objective on shares of FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Friday, March 22nd. TD Cowen lifted their price objective on shares of FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Barclays upped their target price on FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. Melius upgraded FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Finally, Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, FedEx has an average rating of “Moderate Buy” and a consensus price target of $301.33.

Insider Activity at FedEx

In related news, CEO Sriram Krishnasamy sold 354 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total transaction of $102,373.26. Following the sale, the chief executive officer now owns 11,147 shares in the company, valued at $3,223,600.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total transaction of $102,373.26. Following the transaction, the chief executive officer now owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock worth $37,758,773 in the last three months. Company insiders own 8.73% of the company’s stock.

About FedEx

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.