North Star Asset Management Inc. increased its stake in FedEx Co. (NYSE:FDX) by 4.0% in the third quarter, Holdings Channel reports. The institutional investor owned 38,811 shares of the shipping service provider’s stock after acquiring an additional 1,510 shares during the period. North Star Asset Management Inc.’s holdings in FedEx were worth $9,345,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. lifted its position in FedEx by 0.9% in the second quarter. BlackRock Inc. now owns 15,172,550 shares of the shipping service provider’s stock worth $3,445,080,000 after buying an additional 134,397 shares during the last quarter. FMR LLC increased its stake in FedEx by 4.5% in the second quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock worth $1,040,600,000 after purchasing an additional 197,188 shares during the period. Morgan Stanley increased its stake in FedEx by 3.7% in the second quarter. Morgan Stanley now owns 1,577,356 shares of the shipping service provider’s stock worth $358,156,000 after purchasing an additional 56,831 shares during the period. Dimensional Fund Advisors LP increased its stake in FedEx by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,481,717 shares of the shipping service provider’s stock worth $336,439,000 after purchasing an additional 8,792 shares during the period. Finally, Bank of Montreal Can increased its stake in FedEx by 8.5% in the third quarter. Bank of Montreal Can now owns 1,036,861 shares of the shipping service provider’s stock worth $249,665,000 after purchasing an additional 81,315 shares during the period. Institutional investors own 72.91% of the company’s stock.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of FedEx stock in a transaction dated 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 in the company, valued at $7,949,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of the business’s stock in a transaction on Wednesday, October 17th. The stock was bought at an average price 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 owned by insiders.
FedEx (NYSE:FDX) last posted its earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The company had revenue of $17.05 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the firm earned $2.65 EPS. FedEx’s revenue for the quarter was up 11.5% on a year-over-year basis. Sell-side analysts predict that FedEx Co. will post 17.35 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 10th were paid a $0.65 dividend. The ex-dividend date was Friday, September 7th. This represents a $2.60 annualized dividend and a yield of 1.23%. FedEx’s dividend payout ratio (DPR) is presently 16.98%.
A number of research firms have weighed in on FDX. Berenberg Bank began coverage on FedEx in a research note on Friday, September 21st. They issued a “buy” rating and a $300.00 target price on the stock. Robert W. Baird increased their target price on FedEx from $265.00 to $270.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 18th. Morgan Stanley reiterated a “hold” rating and issued a $242.00 target price (down previously from $245.00) on shares of FedEx in a research note on Tuesday, September 18th. Wolfe Research set a $275.00 target price on FedEx and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Finally, UBS Group lowered FedEx from a “buy” rating to a “neutral” rating and set a $256.00 target price on the stock. in a research note on Monday, July 16th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $285.18.
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.
Read More: Diversification Important in Investing
Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Co. (NYSE:FDX).
Receive News & Ratings for FedEx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FedEx and related companies with MarketBeat.com's FREE daily email newsletter.