Summit Asset Management LLC Buys 248 Shares of FedEx Co. (FDX)
Summit Asset Management LLC increased its stake in FedEx Co. (NYSE:FDX) by 3.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,894 shares of the shipping service provider’s stock after acquiring an additional 248 shares during the period. FedEx comprises about 0.9% of Summit Asset Management LLC’s holdings, making the stock its 17th largest holding. Summit Asset Management LLC’s holdings in FedEx were worth $1,781,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Strategic Advisors LLC raised its position in FedEx by 16.7% during the 2nd quarter. Strategic Advisors LLC now owns 2,138 shares of the shipping service provider’s stock valued at $465,000 after purchasing an additional 306 shares during the last quarter. Handelsbanken Fonder AB bought a new position in FedEx during the 2nd quarter valued at approximately $435,000. Stevens Capital Management LP raised its position in FedEx by 60.6% during the 2nd quarter. Stevens Capital Management LP now owns 39,340 shares of the shipping service provider’s stock valued at $8,550,000 after purchasing an additional 14,845 shares during the last quarter. Vanguard Group Inc. raised its position in FedEx by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,490,065 shares of the shipping service provider’s stock valued at $4,018,446,000 after purchasing an additional 492,840 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in FedEx 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. 75.73% of the stock is owned by institutional investors.
Shares of FedEx Co. (NYSE:FDX) traded up $0.82 on Tuesday, reaching $239.43. The company’s stock had a trading volume of 487,901 shares, compared to its average volume of 1,474,094. The company has a current ratio of 1.63, a quick ratio of 1.57 and a debt-to-equity ratio of 0.91. FedEx Co. has a 1-year low of $182.89 and a 1-year high of $243.06. The stock has a market cap of $64,551.20, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.51 and a beta of 1.36.
FedEx (NYSE:FDX) last issued its earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.66). FedEx had a net margin of 4.72% and a return on equity of 20.69%. The business had revenue of $15.30 billion for the quarter, compared to analysts’ expectations of $15.35 billion. During the same quarter in the prior year, the business posted $2.90 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. equities analysts expect that FedEx Co. will post 12.47 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 11th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $2.00 annualized dividend and a yield of 0.84%. FedEx’s dividend payout ratio is 18.87%.
In other FedEx news, Director Kim Jabal sold 3,980 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $225.55, for a total transaction of $897,689.00. Following the sale, the director now directly owns 6,080 shares in the company, valued at approximately $1,371,344. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donald F. Colleran sold 10,000 shares of the stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $220.00, for a total value of $2,200,000.00. Following the sale, the executive vice president now owns 30,499 shares in the company, valued at $6,709,780. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,094 shares of company stock worth $9,024,637. Company insiders own 8.45% of the company’s stock.
A number of research analysts have commented on FDX shares. Citigroup reaffirmed a “buy” rating and set a $235.00 price target on shares of FedEx in a research report on Thursday, September 14th. Robert W. Baird reaffirmed a “buy” rating and set a $235.00 price target on shares of FedEx in a research report on Tuesday, September 12th. Cowen reaffirmed a “buy” rating and set a $240.00 price target on shares of FedEx in a research report on Tuesday, September 12th. BMO Capital Markets reaffirmed a “buy” rating and set a $245.00 price target on shares of FedEx in a research report on Wednesday, September 6th. Finally, Loop Capital reaffirmed a “buy” rating and set a $260.00 price target (up previously from $250.00) on shares of FedEx in a research report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the company. FedEx presently has a consensus rating of “Buy” and a consensus price target of $233.41.
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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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