Sit Investment Associates Inc. Reduces Holdings in FedEx Co. (FDX)

Sit Investment Associates Inc. cut its position in FedEx Co. (NYSE:FDX) by 7.5% in the 2nd quarter, Holdings Channel reports. The firm owned 77,965 shares of the shipping service provider’s stock after selling 6,310 shares during the period. Sit Investment Associates Inc.’s holdings in FedEx were worth $17,703,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Nisa Investment Advisors LLC bought a new position in FedEx in the second quarter valued at about $22,346,000. Amalgamated Bank raised its position in FedEx by 6.5% in the second quarter. Amalgamated Bank now owns 38,618 shares of the shipping service provider’s stock valued at $8,769,000 after purchasing an additional 2,358 shares during the last quarter. Eastern Bank bought a new position in FedEx in the second quarter valued at about $12,424,000. World Asset Management Inc raised its position in FedEx by 2.4% in the second quarter. World Asset Management Inc now owns 18,157 shares of the shipping service provider’s stock valued at $4,123,000 after purchasing an additional 429 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new position in FedEx in the second quarter valued at about $493,000. Hedge funds and other institutional investors own 73.63% of the company’s stock.

Several research firms have commented on FDX. Credit Suisse Group dropped their target price on FedEx from $314.00 to $306.00 and set an “outperform” rating for the company in a research report on Wednesday, March 21st. UBS Group downgraded FedEx from a “buy” rating to a “neutral” rating and set a $256.00 target price for the company. in a research report on Monday. Zacks Investment Research downgraded FedEx from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. Citigroup increased their target price on FedEx from $274.00 to $282.00 and gave the company an “outperform” rating in a research report on Wednesday, May 16th. Finally, Morgan Stanley dropped their target price on FedEx from $250.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and nineteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $283.75.

Shares of FDX stock traded down $1.51 on Thursday, hitting $234.68. The company had a trading volume of 27,874 shares, compared to its average volume of 2,056,078. The stock has a market cap of $61.47 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 1.05 and a beta of 1.41. The company has a current ratio of 1.39, a quick ratio of 1.34 and a debt-to-equity ratio of 0.79. FedEx Co. has a twelve month low of $203.13 and a twelve month high of $274.66.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 19th. The shipping service provider reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.72 by $0.19. The company had revenue of $17.31 billion during the quarter, compared to analysts’ expectations of $17.24 billion. FedEx had a return on equity of 23.17% and a net margin of 6.99%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.25 earnings per share. sell-side analysts forecast that FedEx Co. will post 17.34 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 9th. Stockholders of record on Monday, June 25th were paid a $0.65 dividend. This is a boost from FedEx’s previous quarterly dividend of $0.50. The ex-dividend date was Friday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 1.11%. FedEx’s dividend payout ratio is presently 16.98%.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment provides various shipping services for the delivery of packages and freight; international trade services specializing in customs brokerage, and ocean and air freight forwarding services; assistance with the customs-trade partnership against terrorism program; and customs clearance services, as well as an information tool that allows customers to track and manage imports.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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