Factory Mutual Insurance Co. lowered its stake in shares of FedEx Co. (NYSE:FDX) by 3.5% in the third quarter, HoldingsChannel reports. The firm owned 246,400 shares of the shipping service provider’s stock after selling 9,000 shares during the quarter. Factory Mutual Insurance Co.’s holdings in FedEx were worth $35,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently added to or reduced their stakes in FDX. Parnassus Investments CA boosted its position in FedEx by 2,614.2% during the 2nd quarter. Parnassus Investments CA now owns 3,499,875 shares of the shipping service provider’s stock valued at $574,644,000 after purchasing an additional 3,370,929 shares during the period. BlackRock Inc. boosted its position in FedEx by 9.5% during the 2nd quarter. BlackRock Inc. now owns 16,165,179 shares of the shipping service provider’s stock valued at $2,654,161,000 after purchasing an additional 1,395,988 shares during the period. Nuveen Asset Management LLC boosted its position in FedEx by 11,911.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,118,489 shares of the shipping service provider’s stock valued at $183,645,000 after purchasing an additional 1,109,177 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in FedEx during the 2nd quarter valued at approximately $84,956,000. Finally, Packer & Co Ltd boosted its position in FedEx by 269.9% during the 2nd quarter. Packer & Co Ltd now owns 659,800 shares of the shipping service provider’s stock worth $29,289,000 after acquiring an additional 481,416 shares during the period. Institutional investors and hedge funds own 71.35% of the company’s stock.
FDX has been the subject of a number of analyst reports. DZ Bank reiterated a “sell” rating on shares of FedEx in a research report on Wednesday, September 18th. ValuEngine upgraded FedEx from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Cowen reduced their price target on FedEx from $206.00 to $190.00 and set an “outperform” rating for the company in a research report on Wednesday, September 18th. Morgan Stanley reduced their price target on FedEx from $131.00 to $120.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, Citigroup reduced their price target on FedEx from $192.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $171.64.
FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, September 17th. The shipping service provider reported $3.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.17 by ($0.12). The firm had revenue of $17.05 billion during the quarter, compared to analyst estimates of $17.05 billion. FedEx had a net margin of 0.65% and a return on equity of 21.15%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $3.46 EPS. As a group, research analysts forecast that FedEx Co. will post 12.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were issued a $0.65 dividend. The ex-dividend date was Friday, September 6th. This represents a $2.60 annualized dividend and a dividend yield of 1.69%. FedEx’s dividend payout ratio (DPR) is 16.75%.
In related news, Director R Brad Martin bought 1,000 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were bought at an average cost of $145.00 per share, with a total value of $145,000.00. Following the completion of the transaction, the director now directly owns 49,046 shares of the company’s stock, valued at $7,111,670. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert B. Carter sold 23,100 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total value of $4,060,518.00. Following the sale, the executive vice president now directly owns 68,446 shares in the company, valued at $12,031,437.88. The disclosure for this sale can be found here. Corporate insiders own 8.44% of the company’s stock.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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