Freestone Grove Partners LP Purchases Shares of 71,083 FedEx Corporation $FDX

Freestone Grove Partners LP purchased a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, HoldingsChannel reports. The institutional investor purchased 71,083 shares of the shipping service provider’s stock, valued at approximately $22,258,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Caisse de depot et placement du Quebec acquired a new position in FedEx in the second quarter valued at $54,917,000. Pointe Capital Management LLC acquired a new stake in FedEx in the 2nd quarter worth about $493,000. Man Group plc purchased a new stake in FedEx in the 2nd quarter valued at about $19,128,000. Western Wealth Management LLC acquired a new position in shares of FedEx during the 2nd quarter valued at about $1,045,000. Finally, Invst LLC purchased a new position in shares of FedEx during the 2nd quarter worth about $1,077,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

FDX has been the topic of several research analyst reports. Rothschild & Co Redburn decreased their target price on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 2nd. The Goldman Sachs Group cut their price target on shares of FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Citizens Jmp began coverage on shares of FedEx in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 price target on the stock. HSBC lowered their price objective on shares of FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a research note on Monday, June 1st. Finally, Stifel Nicolaus cut their target price on FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. 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 assigned a Sell rating to the company. According to data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

Insider Buying and Selling

In related news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.65% of the company’s stock.

FedEx Stock Down 1.4%

Shares of FedEx stock opened at $331.45 on Friday. The company has a fifty day moving average price of $319.23 and a 200 day moving average price of $350.85. 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 twelve month low of $177.05 and a twelve month high of $345.36. The stock has a market cap of $78.44 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 1.73 and a beta of 1.30.

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

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, September 14th. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

FedEx 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.