FedEx Co. (NYSE:FDX) Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in FedEx Co. (NYSE:FDX) by 38.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,887 shares of the shipping service provider’s stock after selling 7,320 shares during the period. Summit Global Investments’ holdings in FedEx were worth $3,344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Fortitude Family Office LLC grew its holdings in shares of FedEx by 144.4% during the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock valued at $25,000 after buying an additional 52 shares during the last quarter. Peoples Financial Services CORP. acquired a new stake in FedEx during the 4th quarter worth about $28,000. City Holding Co. purchased a new stake in FedEx during the 4th quarter valued at about $28,000. Kentucky Trust Co acquired a new position in shares of FedEx in the fourth quarter valued at about $28,000. Finally, Activest Wealth Management purchased a new position in shares of FedEx in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In other news, CEO Richard W. Smith sold 2,576 shares of FedEx stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares in the company, valued at $30,984,589.98. The trade was a 2.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now directly owns 8,904 shares of the company’s stock, valued at $2,461,510.80. This represents a 30.89 % decrease in their position. The disclosure for this sale can be found here. 8.87% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of FedEx from $275.00 to $260.00 and set an “equal weight” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of FedEx in a research note on Friday, March 7th. They issued a “buy” rating and a $337.00 price objective on the stock. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research report on Friday, December 20th. JPMorgan Chase & Co. cut their price target on FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Citigroup decreased their price objective on FedEx from $347.00 to $317.00 and set a “buy” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $301.60.

FedEx Trading Down 6.5 %

Shares of FDX stock opened at $230.25 on Friday. FedEx Co. has a fifty-two week low of $217.22 and a fifty-two week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The stock’s fifty day moving average is $259.95 and its two-hundred day moving average is $272.64. The firm has a market capitalization of $55.46 billion, a P/E ratio of 14.68, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The business had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.86 earnings per share. Research analysts expect that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a dividend yield of 2.40%. FedEx’s dividend payout ratio is presently 35.18%.

FedEx Profile

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.