Malaga Cove Capital LLC Lowers Stake in FedEx Co. (NYSE:FDX)

Malaga Cove Capital LLC trimmed its stake in shares of FedEx Co. (NYSE:FDX) by 12.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 21,518 shares of the shipping service provider’s stock after selling 3,167 shares during the quarter. FedEx comprises about 2.4% of Malaga Cove Capital LLC’s portfolio, making the stock its 4th biggest holding. Malaga Cove Capital LLC’s holdings in FedEx were worth $5,889,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of FDX. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in FedEx during the first quarter worth $1,667,000. Allegheny Financial Group LTD acquired a new stake in FedEx in the first quarter valued at about $203,000. Hilltop National Bank bought a new position in FedEx in the first quarter valued at about $476,000. Csenge Advisory Group raised its stake in FedEx by 14.9% during the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after acquiring an additional 298 shares in the last quarter. Finally, Czech National Bank lifted its holdings in shares of FedEx by 6.4% in the third quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock worth $12,564,000 after acquiring an additional 2,767 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Trading Up 1.7 %

NYSE:FDX opened at $280.06 on Thursday. The stock has a market capitalization of $68.42 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 1.09 and a beta of 1.17. The firm has a fifty day simple moving average of $275.86 and a two-hundred day simple moving average of $275.26. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. FedEx Co. has a 12 month low of $234.45 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the company posted $4.55 earnings per share. Analysts expect that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Monday, September 9th. FedEx’s dividend payout ratio is currently 34.05%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FDX. Loop Capital lowered their price objective on shares of FedEx from $317.00 to $288.00 and set a “hold” rating for the company in a research report on Monday, September 23rd. Evercore ISI dropped their price target on FedEx from $335.00 to $318.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. The Goldman Sachs Group reduced their price objective on FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. Hsbc Global Res downgraded FedEx from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 20th. Finally, HSBC downgraded FedEx from a “buy” rating to a “hold” rating and set a $300.00 price objective for the company. in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.17.

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.