SummitTX Capital L.P. Has $5.15 Million Stock Position in FedEx Corporation $FDX

SummitTX Capital L.P. lowered its stake in shares of FedEx Corporation (NYSE:FDX) by 62.3% during the first quarter, HoldingsChannel reports. The firm owned 14,456 shares of the shipping service provider’s stock after selling 23,884 shares during the quarter. SummitTX Capital L.P.’s holdings in FedEx were worth $5,149,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Hollencrest Capital Management acquired a new position in FedEx during the first quarter worth $25,000. Bayban acquired a new stake in FedEx in the first quarter valued at $26,000. Cedar Mountain Advisors LLC grew its position in shares of FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after acquiring an additional 41 shares during the period. EFG International AG bought a new position in shares of FedEx in the 4th quarter valued at about $27,000. Finally, Tucker Asset Management LLC acquired a new position in shares of FedEx during the 4th quarter worth about $29,000. 84.47% of the stock is owned by institutional investors.

Insider Buying and Selling at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of research analyst reports. Seaport Research Partners began coverage on shares of FedEx in a report on Wednesday, May 27th. They issued a “buy” rating on the stock. The Goldman Sachs Group lowered their price target on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Evercore set a $165.00 price objective on FedEx in a research note on Friday, June 26th. Rothschild & Co Redburn cut their price objective on FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Finally, Citigroup initiated coverage on FedEx in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $350.54.

FedEx Price Performance

Shares of NYSE FDX opened at $310.54 on Tuesday. The firm has a market cap of $73.47 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $345.36. The business’s 50 day moving average is $334.80 and its 200-day moving average is $350.44.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The business had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. Equities research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. FedEx’s dividend payout ratio (DPR) is currently 26.36%.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.