Birinyi Associates Inc. reduced its position in shares of FedEx Co. (NYSE:FDX) by 33.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,150 shares of the shipping service provider’s stock after selling 1,600 shares during the period. Birinyi Associates Inc.’s holdings in FedEx were worth $758,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in shares of FedEx by 3.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 60,766 shares of the shipping service provider’s stock valued at $13,800,000 after purchasing an additional 2,253 shares in the last quarter. North Star Asset Management Inc. grew its position in shares of FedEx by 4.0% during the 3rd quarter. North Star Asset Management Inc. now owns 38,811 shares of the shipping service provider’s stock valued at $9,345,000 after purchasing an additional 1,510 shares in the last quarter. Bruderman Asset Management LLC grew its position in shares of FedEx by 654.8% during the 2nd quarter. Bruderman Asset Management LLC now owns 15,405 shares of the shipping service provider’s stock valued at $3,498,000 after purchasing an additional 13,364 shares in the last quarter. Pensionfund Sabic purchased a new position in shares of FedEx during the 3rd quarter valued at $2,263,000. Finally, FormulaFolio Investments LLC grew its position in shares of FedEx by 27.4% during the 2nd quarter. FormulaFolio Investments LLC now owns 6,201 shares of the shipping service provider’s stock valued at $1,408,000 after purchasing an additional 1,335 shares in the last quarter. Hedge funds and other institutional investors own 72.91% of the company’s stock.
A number of research analysts have recently commented on FDX shares. UBS Group lowered shares of FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price target for the company. in a research report on Monday, July 16th. Zacks Investment Research lowered shares of FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Morgan Stanley reiterated a “hold” rating and issued a $242.00 target price (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $305.00 target price on shares of FedEx in a research report on Tuesday, September 18th. Finally, Credit Suisse Group set a $307.00 target price on shares of FedEx and gave the stock a “buy” rating in a research report on Tuesday, September 18th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $284.86.
NYSE FDX opened at $221.66 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.79. FedEx Co. has a 12-month low of $207.90 and a 12-month high of $274.66. The stock has a market cap of $58.41 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.00 and a beta of 1.36.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The business had revenue of $17.05 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the company earned $2.65 earnings per share. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Sell-side analysts predict that FedEx Co. will post 17.35 earnings per share for the current fiscal year.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the completion of the sale, the director now directly owns 32,800 shares in the company, valued at $7,949,080. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Susan Patricia Griffith acquired 1,000 shares of the stock in a transaction dated Wednesday, October 17th. The shares were purchased at an average cost of $225.16 per share, with a total value of $225,160.00. The disclosure for this purchase can be found here. Corporate insiders own 8.45% of the company’s stock.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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