Pallas Capital Advisors LLC Takes Position in FedEx Corporation $FDX

Pallas Capital Advisors LLC acquired a new stake in shares of FedEx Corporation (NYSE:FDX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,961 shares of the shipping service provider’s stock, valued at approximately $3,119,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in FedEx by 4.2% in the 4th quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock valued at $2,763,824,000 after purchasing an additional 382,848 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock worth $1,482,785,000 after buying an additional 318,293 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after buying an additional 45,818 shares in the last quarter. Invesco Ltd. raised its position in shares of FedEx by 3.1% in the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock valued at $853,372,000 after buying an additional 108,426 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of FedEx in the fourth quarter valued at approximately $859,085,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Trading Down 0.8%

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 company has a market cap of $78.51 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.72 and a beta of 1.30. The business has a fifty day simple moving average of $319.43 and a 200-day simple moving average of $351.54. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion for the quarter. On average, equities research analysts expect that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

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

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction dated 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 sale, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FDX. Wall Street Zen upgraded shares of FedEx to a “hold” rating in a research report on Saturday, August 8th. UBS Group cut their price target on FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Wells Fargo & Company reduced their price target on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 17th. BNP Paribas Exane dropped their target price on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Finally, Stifel Nicolaus dropped their price objective on shares of FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

FedEx Company Profile

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.