Engineers Gate Manager LP Trims Stock Position in FedEx Corporation $FDX

Engineers Gate Manager LP trimmed its holdings in FedEx Corporation (NYSE:FDX) by 57.5% during the second quarter, Holdings Channel reports. The institutional investor owned 56,516 shares of the shipping service provider’s stock after selling 76,369 shares during the period. Engineers Gate Manager LP’s holdings in FedEx were worth $17,697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Hollencrest Capital Management acquired a new position in shares of FedEx during the 1st quarter valued at about $25,000. Bayban acquired a new stake in shares of FedEx in the first quarter worth approximately $26,000. Solstein Capital LLC acquired a new stake in shares of FedEx in the second quarter worth approximately $27,000. Cedar Mountain Advisors LLC grew its holdings in FedEx by 77.4% in the first quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 41 shares during the period. Finally, EFG International AG purchased a new stake in FedEx in the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In related news, Director Paul Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.65% of the company’s stock.

FedEx Stock Performance

FedEx stock opened at $309.82 on Thursday. The firm has a market capitalization of $73.33 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. FedEx Corporation has a one year low of $177.86 and a one year high of $345.36. The stock’s 50 day moving average price is $319.23 and its 200 day moving average price is $347.55. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48.

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

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, September 14th. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FDX shares. Wells Fargo & Company cut their price target on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 17th. Rothschild & Co Redburn lowered their price objective on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Sanford C. Bernstein set a $397.00 price objective on FedEx in a report on Wednesday, June 24th. BNP Paribas Exane cut their target price on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a research report on Tuesday, June 2nd. Finally, Stephens upgraded FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $355.17.

Key Stories Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: Evercore ISI raised its FedEx price target to $350 from $323 while maintaining an “In Line” rating, indicating improved valuation support even though the firm remains cautious. Evercore ISI Adjusts Price Target on FedEx
• Positive Sentiment: J.P. Morgan reiterated a positive view on FDX, retaining an “overweight” or “buy” rating and setting a $400 price target. The bullish stance suggests the bank sees meaningful upside from FedEx’s transformation and operational improvements. J.P. Morgan Remains a Buy on FedEx
• Neutral Sentiment: FedEx launched Global Trade Navigator, a suite of tools designed to help businesses manage customs requirements, duties, taxes and shipping-data errors. Features include a free Trade Planner, Shopify tools that display import costs before checkout, and APIs for customs information. The initiative could improve international shipping demand and customer retention, but its financial impact is not yet quantified. FedEx Introduces Global Trade Navigator
• Negative Sentiment: J.P. Morgan recently reduced its FedEx price target from $460 to $400, despite keeping an overweight rating. The cut signals more conservative expectations for earnings or valuation and may be contributing to selling pressure. FedEx Receives a Buy Rating from JP Morgan

FedEx Profile

FedEx Corporation (NYSE: FDX) is a global transportation, e-commerce and business services company. Through its operating companies, FedEx provides package delivery, freight transportation, logistics, supply chain management and related services for businesses, governments and consumers.

The company’s offerings include time-definite express shipping, ground delivery, less-than-truckload freight transportation, customs and international trade support, warehousing, fulfillment and other logistics solutions.