Summit Global Investments Trims Stock Holdings in FedEx Co. (NYSE:FDX)

Summit Global Investments lessened its stake in shares of FedEx Co. (NYSE:FDX) by 38.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 11,887 shares of the shipping service provider’s stock after selling 7,320 shares during the quarter. Summit Global Investments’ holdings in FedEx were worth $3,344,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FDX. Fortitude Family Office LLC boosted its position in shares of FedEx by 144.4% during the 4th quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock worth $25,000 after purchasing an additional 52 shares during the period. Peoples Financial Services CORP. acquired a new position in FedEx during the fourth quarter worth $28,000. City Holding Co. purchased a new position in shares of FedEx during the fourth quarter worth $28,000. Kentucky Trust Co acquired a new stake in shares of FedEx in the fourth quarter valued at $28,000. Finally, Activest Wealth Management purchased a new stake in shares of FedEx in the 4th quarter valued at $29,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Down 6.5 %

FedEx stock opened at $230.25 on Friday. The stock has a 50 day moving average of $259.95 and a two-hundred day moving average of $272.64. FedEx Co. has a twelve month low of $217.22 and a twelve month high of $313.84. The stock has a market capitalization of $55.46 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.11 and a beta of 1.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing the consensus estimate of $4.56 by ($0.05). The company 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%. FedEx’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.86 earnings per share. As a group, research analysts expect that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a dividend of $1.38 per share. The ex-dividend date is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.40%. FedEx’s dividend payout ratio (DPR) is 35.18%.

Insider Buying and Selling

In other news, Director Susan C. Schwab sold 3,980 shares of the firm’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total value 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 trade represents a 30.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy B. Lane purchased 333 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was acquired at an average price of $276.06 per share, for a total transaction of $91,927.98. Following the completion of the purchase, the director now owns 333 shares of the company’s stock, valued at approximately $91,927.98. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.87% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on FDX. Truist Financial initiated coverage on FedEx in a research report on Thursday, March 13th. They issued a “buy” rating and a $305.00 target price for the company. TD Cowen dropped their price objective on shares of FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a report on Friday. BMO Capital Markets reduced their target price on shares of FedEx from $330.00 to $275.00 and set a “market perform” rating on the stock in a report on Friday. Stifel Nicolaus dropped their price target on shares of FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research note on Friday. Finally, Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research note on Friday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $301.60.

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.