Allstate Corp Has $4.69 Million Position in FedEx Corporation $FDX

Key Points

• Allstate Corp more than doubled its FedEx stake in the fourth quarter, boosting its holdings by 106.2% to 16,226 shares valued at about $4.69 million.
• FedEx continues to attract strong Wall Street support, with analysts citing upside from a planned freight spin-off and international growth efforts; the stock carries a Moderate Buy consensus and an average target price of about $399.62.
• The company recently beat quarterly expectations, reporting $5.25 EPS on $24 billion in revenue, while the stock traded near its 52-week high and rose about 1.4% in the latest session.

Allstate Corp lifted its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 106.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,226 shares of the shipping service provider's stock after acquiring an additional 8,356 shares during the quarter. Allstate Corp's holdings in FedEx were worth $4,687,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock valued at $5,527,870,000 after purchasing an additional 2,741,723 shares during the last quarter. Boston Partners bought a new stake in FedEx in the third quarter valued at about $468,195,000. Dodge & Cox increased its holdings in FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock valued at $3,826,055,000 after purchasing an additional 1,742,666 shares during the last quarter. AQR Capital Management LLC increased its holdings in FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider's stock valued at $638,203,000 after purchasing an additional 1,718,278 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in FedEx in the third quarter valued at about $171,960,000. Institutional investors own 84.47% of the company's stock.

Analyst Upgrades and Downgrades

FDX has been the subject of several recent analyst reports. Stephens restated an "overweight" rating and issued a $435.00 price target on shares of FedEx in a report on Tuesday, April 14th. Sanford C. Bernstein increased their price target on FedEx from $457.00 to $470.00 and gave the stock an "outperform" rating in a report on Thursday, April 9th. Truist Financial increased their price target on FedEx from $400.00 to $425.00 and gave the stock a "buy" rating in a report on Friday, March 20th. The Goldman Sachs Group increased their price target on FedEx from $364.00 to $369.00 and gave the stock a "buy" rating in a report on Friday, March 13th. Finally, JPMorgan Chase & Co. restated a "neutral" rating on shares of FedEx in a report on Tuesday, May 12th. Eighteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $399.62.

Key Stories Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx is set to benefit from a broader rally in trucking, rail, and logistics names after WTI crude oil fell sharply, which can ease fuel costs and improve margins across the sector. Knight-Swift Transportation and Schneider Shares Skyrocket, What You Need To Know
• Positive Sentiment: Investor sentiment is also being supported by UBS reiterating a Buy rating and a $445 price target, arguing that FedEx's sum-of-the-parts value could rise as the company prepares to spin off its freight business. FedEx sum-of-the-parts valuation points to upside as freight spin-off approaches, UBS says
• Positive Sentiment: FedEx is also advancing an international growth strategy by leading a consortium bid for InPost, a major European parcel locker and last-mile delivery operator, which could expand its e-commerce logistics footprint. FedEx InPost Bid Tests Growth Ambitions Valuation Gap And Debt Concerns
• Neutral Sentiment: Recent market coverage also noted FedEx outperformed the broader market in the latest session, reflecting steady momentum rather than a single major catalyst. FedEx (FDX) Laps the Stock Market: Here's Why
• Negative Sentiment: The InPost bid could also raise investor concerns about valuation and additional debt if FedEx pursues a large overseas acquisition. FedEx InPost Bid Tests Growth Ambitions Valuation Gap And Debt Concerns

FedEx Stock Up 1.4%

FDX stock opened at $399.90 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44. The stock has a market capitalization of $95.42 billion, a P/E ratio of 21.28, a P/E/G ratio of 1.49 and a beta of 1.29. The business has a 50-day moving average of $372.83 and a 200-day moving average of $335.39. FedEx Corporation has a fifty-two week low of $214.82 and a fifty-two week high of $404.03.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, topping the consensus estimate of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The company had revenue of $24 billion during the quarter, compared to analysts' expectations of $23.44 billion. During the same period in the prior year, the firm earned $4.51 earnings per share. FedEx's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kawal Preet sold 4,900 shares of the firm's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $367.89, for a total value of $1,802,661.00. Following the completion of the sale, the executive vice president directly owned 10,953 shares of the company's stock, valued at $4,029,499.17. This trade represents a 30.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Susan C. Schwab sold 5,795 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total value of $2,138,355.00. Following the completion of the sale, the director directly owned 10,038 shares of the company's stock, valued at approximately $3,704,022. The trade was a 36.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 48,104 shares of company stock valued at $17,599,006. Corporate insiders own 0.53% of the company's stock.

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.

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