FedEx Corporation (FDX) Raised to “Hold” at Zacks Investment Research
FedEx Corporation (NYSE:FDX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Shares of FedEx have underperformed the industry it belongs to as well as rival United Parcel Service in the last three months. While the stock has gained 2.3%, the industry has advanced 6.1%. Shares of rival, United Parcel Service, have gained 7.8% in the period. Adding to its woes, FedEx performed disappointingly in the first quarter of fiscal 2018, reporting lower-than-expected revenues and earnings per share. Results were hurt by the cyberattack in June . Harvey and costs related to the integration process of TNT Express also dented results. We are, however, impressed by the company's decision to reward shareholders through dividend payments and share buybacks. The growth in e-commerce is also a positive.Results were&”
FDX has been the subject of a number of other reports. UBS AG reissued a “buy” rating and set a $235.00 target price (up from $215.00) on shares of FedEx Corporation in a research note on Wednesday, June 21st. Cowen and Company reissued a “buy” rating and set a $240.00 target price on shares of FedEx Corporation in a research note on Thursday, August 10th. Bank of America Corporation reissued a “buy” rating and set a $240.00 target price on shares of FedEx Corporation in a research note on Wednesday, September 20th. Sanford C. Bernstein set a $212.00 target price on FedEx Corporation and gave the stock a “neutral” rating in a research note on Wednesday, September 20th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $229.00 target price on shares of FedEx Corporation in a research note on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $225.26.
FedEx Corporation (NYSE FDX) opened at 218.6300 on Tuesday. The stock has a 50 day moving average of $210.17 and a 200 day moving average of $202.36. The stock has a market capitalization of $58.62 billion, a P/E ratio of 20.6119 and a beta of 1.28. FedEx Corporation has a 52-week low of $168.00 and a 52-week high of $222.71.
FedEx Corporation (NYSE:FDX) last announced its quarterly earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.66). The firm had revenue of $15.30 billion during the quarter, compared to analyst estimates of $15.35 billion. FedEx Corporation had a net margin of 4.72% and a return on equity of 20.69%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.90 earnings per share. On average, equities research analysts forecast that FedEx Corporation will post $12.75 EPS for the current year.
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In other FedEx Corporation news, EVP Donald F. Colleran sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president now owns 30,499 shares of the company’s stock, valued at approximately $6,709,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kim Jabal sold 609 shares of the firm’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $216.13, for a total value of $131,623.17. Following the sale, the director now directly owns 2,100 shares of the company’s stock, valued at approximately $453,873. The disclosure for this sale can be found here. Insiders have sold a total of 12,817 shares of company stock valued at $2,791,196 in the last ninety days. Insiders own 8.45% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Handelsbanken Fonder AB acquired a new stake in FedEx Corporation during the 2nd quarter valued at $435,000. Janney Montgomery Scott LLC lifted its holdings in FedEx Corporation by 1.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,299 shares of the shipping service provider’s stock valued at $11,584,000 after purchasing an additional 707 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in FedEx Corporation by 2.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 69,903 shares of the shipping service provider’s stock valued at $13,641,000 after purchasing an additional 1,852 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in FedEx Corporation by 21,011.5% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,424,815 shares of the shipping service provider’s stock valued at $6,556,000 after purchasing an additional 1,418,066 shares during the last quarter. Finally, Madison Investment Holdings Inc. lifted its holdings in FedEx Corporation by 63.6% during the 1st quarter. Madison Investment Holdings Inc. now owns 181,250 shares of the shipping service provider’s stock valued at $35,371,000 after purchasing an additional 70,436 shares during the last quarter. 75.84% of the stock is owned by institutional investors and hedge funds.
About FedEx Corporation
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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