Columbia Asset Management Grows Holdings in FedEx Co. (FDX)
Columbia Asset Management boosted its holdings in shares of FedEx Co. (NYSE:FDX) by 29.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,103 shares of the shipping service provider’s stock after buying an additional 1,390 shares during the period. Columbia Asset Management’s holdings in FedEx were worth $1,523,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings 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 worth $4,018,446,000 after buying an additional 492,840 shares in the last quarter. FMR LLC raised its holdings in shares of FedEx by 0.3% in the 2nd quarter. FMR LLC now owns 4,530,154 shares of the shipping service provider’s stock valued at $984,539,000 after purchasing an additional 15,382 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of FedEx by 7.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,925,763 shares of the shipping service provider’s stock valued at $885,594,000 after purchasing an additional 266,660 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of FedEx by 47.4% in the 4th quarter. Jennison Associates LLC now owns 3,687,689 shares of the shipping service provider’s stock valued at $920,226,000 after purchasing an additional 1,185,447 shares in the last quarter. Finally, Capital World Investors raised its holdings in shares of FedEx by 16.1% in the 2nd quarter. Capital World Investors now owns 3,614,899 shares of the shipping service provider’s stock valued at $785,626,000 after purchasing an additional 501,617 shares in the last quarter. Institutional investors own 76.23% of the company’s stock.
In other FedEx news, COO David J. Bronczek sold 46,555 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $255.49, for a total transaction of $11,894,336.95. Following the transaction, the chief operating officer now directly owns 48,562 shares of the company’s stock, valued at approximately $12,407,105.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David P. Steiner sold 3,016 shares of the firm’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $266.05, for a total transaction of $802,406.80. Following the transaction, the director now directly owns 16,040 shares in the company, valued at $4,267,442. The disclosure for this sale can be found here. Insiders sold a total of 53,541 shares of company stock worth $13,692,142 over the last ninety days. Insiders own 8.45% of the company’s stock.
FedEx (NYSE:FDX) last posted its earnings results on Tuesday, December 19th. The shipping service provider reported $3.18 EPS for the quarter, beating the Zacks’ consensus estimate of $2.89 by $0.29. The firm had revenue of $16.30 billion for the quarter, compared to the consensus estimate of $15.67 billion. FedEx had a net margin of 4.74% and a return on equity of 20.56%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $2.80 EPS. research analysts predict that FedEx Co. will post 13.38 earnings per share for the current fiscal year.
FDX has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of FedEx from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Sanford C. Bernstein set a $236.00 price objective on shares of FedEx and gave the company a “hold” rating in a report on Wednesday, December 20th. Loop Capital raised their price objective on shares of FedEx to $318.00 in a report on Thursday, January 4th. UBS Group upgraded shares of FedEx from a “neutral” rating to a “buy” rating and raised their price objective for the company from $264.00 to $302.00 in a report on Friday, January 5th. Finally, BMO Capital Markets raised their price objective on shares of FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. FedEx currently has an average rating of “Buy” and a consensus target price of $273.12.
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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