Zions Bancorporation decreased its stake in shares of FedEx Co. (NYSE:FDX) by 41.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,370 shares of the shipping service provider’s stock after selling 1,666 shares during the period. Zions Bancorporation’s holdings in FedEx were worth $571,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Commerce Bank increased its position in shares of FedEx by 1.7% in the third quarter. Commerce Bank now owns 20,311 shares of the shipping service provider’s stock worth $4,890,000 after acquiring an additional 341 shares in the last quarter. Pettee Investors Inc. increased its position in shares of FedEx by 18.8% in the third quarter. Pettee Investors Inc. now owns 3,165 shares of the shipping service provider’s stock worth $762,000 after acquiring an additional 500 shares in the last quarter. Ashfield Capital Partners LLC increased its position in shares of FedEx by 27.2% in the third quarter. Ashfield Capital Partners LLC now owns 18,921 shares of the shipping service provider’s stock worth $4,556,000 after acquiring an additional 4,041 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of FedEx by 4.1% in the third quarter. Daiwa Securities Group Inc. now owns 9,168 shares of the shipping service provider’s stock worth $2,208,000 after acquiring an additional 360 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in shares of FedEx by 28.1% in the third quarter. Private Advisor Group LLC now owns 18,296 shares of the shipping service provider’s stock worth $4,405,000 after acquiring an additional 4,018 shares in the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of the stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the transaction, the director now directly owns 32,800 shares in the company, valued at approximately $7,949,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan Patricia Griffith acquired 1,000 shares of FedEx stock in a transaction on Wednesday, October 17th. The shares were bought at an average price of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by corporate insiders.
Shares of FDX stock opened at $222.61 on Tuesday. The firm has a market capitalization of $58.41 billion, a PE ratio of 14.54, a PEG ratio of 1.00 and a beta of 1.36. 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 twelve month low of $207.90 and a twelve month high of $274.66.
FedEx (NYSE:FDX) last announced its earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing the consensus estimate of $3.78 by ($0.32). The firm had revenue of $17.05 billion during the quarter, compared to analysts’ expectations of $16.88 billion. FedEx had a net margin of 7.16% and a return on equity of 23.71%. FedEx’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 earnings per share. On average, research analysts predict that FedEx Co. will post 17.35 EPS for the current year.
Several equities research analysts have recently issued reports on FDX shares. UBS Group lowered shares of FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price objective 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 reissued a “hold” rating and issued a $242.00 price objective (down previously from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $305.00 price objective on shares of FedEx in a research report on Tuesday, September 18th. Finally, Credit Suisse Group set a $307.00 price objective 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 company has an average rating of “Buy” and an average price target of $284.86.
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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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