Granite Investment Partners LLC Lowers Stake in FedEx Co. (FDX)
Granite Investment Partners LLC cut its position in shares of FedEx Co. (NYSE:FDX) by 2.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,657 shares of the shipping service provider’s stock after selling 494 shares during the period. Granite Investment Partners LLC’s holdings in FedEx were worth $4,252,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Palo Capital Inc. bought a new stake in shares of FedEx during the third quarter valued at approximately $108,000. Moneta Group Investment Advisors LLC increased its position in shares of FedEx by 14,117.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 63,835 shares of the shipping service provider’s stock valued at $114,000 after purchasing an additional 63,386 shares during the period. Fortis Advisors LLC increased its position in shares of FedEx by 278.2% during the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock valued at $115,000 after purchasing an additional 370 shares during the period. Lenox Wealth Advisors LLC bought a new stake in shares of FedEx during the third quarter valued at approximately $120,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of FedEx during the second quarter valued at approximately $129,000. Institutional investors and hedge funds own 71.23% of the company’s stock.
Shares of NYSE:FDX opened at $226.30 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $59.74 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 1.02 and a beta of 1.36. FedEx Co. has a fifty-two week low of $207.90 and a fifty-two week high of $274.66.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 10th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Friday, December 7th. FedEx’s dividend payout ratio is currently 16.98%.
A number of analysts have recently issued reports on FDX shares. Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Morgan Stanley reiterated a “hold” rating and issued a $242.00 price target (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $305.00 price target on shares of FedEx in a research report on Tuesday, September 18th. Credit Suisse Group set a $307.00 price target on FedEx and gave the company a “buy” rating in a research report on Tuesday, September 18th. Finally, Loop Capital upped their price target on FedEx to $318.00 and gave the company a “buy” rating in a research report on Tuesday, September 18th. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $285.57.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total value of $281,126.00. Following the transaction, the director now owns 32,800 shares of the company’s stock, valued at $7,949,080. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan Patricia Griffith acquired 1,000 shares of FedEx stock in a transaction on Wednesday, October 17th. The stock was acquired at an average cost of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by insiders.
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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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