HighTower Advisors LLC Decreases Stake in FedEx Corporation $FDX

HighTower Advisors LLC reduced its stake in FedEx Corporation (NYSE:FDX) by 23.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 274,976 shares of the shipping service provider’s stock after selling 85,072 shares during the quarter. HighTower Advisors LLC owned about 0.12% of FedEx worth $86,103,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in FedEx during the 1st quarter worth approximately $25,000. Bayban purchased a new position in shares of FedEx during the 1st quarter valued at approximately $26,000. Solstein Capital LLC purchased a new position in shares of FedEx during the 2nd quarter valued at approximately $27,000. Cedar Mountain Advisors LLC grew its stake in 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. Finally, EFG International AG acquired a new stake in FedEx in the 4th quarter valued at $27,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Price Performance

Shares of FDX stock traded down $6.03 during mid-day trading on Tuesday, reaching $316.49. The stock had a trading volume of 369,025 shares, compared to its average volume of 2,103,963. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The company has a market cap of $74.90 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. FedEx Corporation has a 12-month low of $177.86 and a 12-month high of $345.36. The business has a 50-day simple moving average of $319.29 and a 200 day simple moving average of $348.55.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The business 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%. On average, sell-side analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Dividend Announcement

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

Insider Activity at FedEx

In related news, Director Paul Walsh sold 5,042 shares of the stock in a transaction 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 sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.65% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FDX shares. Deutsche Bank Aktiengesellschaft cut shares of FedEx from a “buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Stifel Nicolaus reduced their price target on FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. TD Cowen reduced their price objective on shares of FedEx from $426.00 to $354.00 in a report on Wednesday, June 24th. HSBC reduced their price objective on shares of FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a report on Monday, June 1st. Finally, Citigroup assumed coverage on shares of FedEx in a research note on Wednesday, July 15th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $348.32.

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.