K.J. Harrison & Partners Inc Purchases Shares of 3,020 FedEx Corporation $FDX

K.J. Harrison & Partners Inc acquired a new position in shares of FedEx Corporation (NYSE:FDX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,020 shares of the shipping service provider’s stock, valued at approximately $946,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FDX. Sivia Capital Partners LLC bought a new position in shares of FedEx during the second quarter valued at about $586,000. Canada Post Corp Registered Pension Plan grew its position in FedEx by 85.9% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock worth $1,962,000 after purchasing an additional 3,138 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in FedEx by 19.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock worth $12,081,000 after purchasing an additional 6,864 shares in the last quarter. North Dakota State Investment Board purchased a new stake in FedEx in the 4th quarter valued at about $2,122,000. Finally, OMERS ADMINISTRATION Corp lifted its position in shares of FedEx by 104.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock worth $6,169,000 after buying an additional 8,868 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FDX shares. Seaport Research Partners initiated coverage on FedEx in a research note on Wednesday, May 27th. They issued a “buy” rating on the stock. Raymond James Financial dropped their price target on FedEx from $415.00 to $330.00 and set an “outperform” rating on the stock in a report on Wednesday, June 24th. Stifel Nicolaus cut their price objective on FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. UBS Group reduced their price objective on FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Finally, TD Cowen decreased their target price on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $350.54.

FedEx Trading Down 0.8%

Shares of FDX stock opened at $331.86 on Tuesday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The firm has a market cap of $78.51 billion, a P/E ratio of 17.93, a PEG ratio of 1.72 and a beta of 1.30. The company has a 50 day moving average of $319.43 and a 200-day moving average of $351.54. FedEx Corporation has a 12-month low of $177.05 and a 12-month high of $345.36.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion for the quarter. Sell-side analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s payout ratio is presently 26.36%.

About FedEx

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.