Arrowstreet Capital Limited Partnership Sells 71,155 Shares of FedEx Corporation $FDX

Key Points

• Arrowstreet Capital cut its FedEx stake by 7.2% in the fourth quarter, selling 71,155 shares and leaving it with 914,051 shares valued at about $264 million.
• FedEx insiders also sold shares, including EVP Tracy B. Brightman and Director Susan C. Schwab, with insiders selling 48,104 shares worth $17.6 million in the last quarter.
• The company reported solid earnings and revenue, beating analyst estimates with $5.25 EPS and $24 billion in revenue, while analysts remain mixed but hold a consensus “Moderate Buy” rating with an average target price of $371.45.

Arrowstreet Capital Limited Partnership decreased its position in FedEx Corporation (NYSE:FDX - Free Report) by 7.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 914,051 shares of the shipping service provider's stock after selling 71,155 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.39% of FedEx worth $264,033,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ulland Investment Advisors LLC acquired a new stake in shares of FedEx in the fourth quarter valued at about $29,000. Tucker Asset Management LLC bought a new stake in shares of FedEx in the fourth quarter valued at approximately $29,000. Wilkerson Advisory Group LLC bought a new stake in shares of FedEx in the fourth quarter valued at approximately $29,000. ORG Partners LLC boosted its stake in shares of FedEx by 50.0% in the fourth quarter. ORG Partners LLC now owns 105 shares of the shipping service provider's stock valued at $30,000 after buying an additional 35 shares during the period. Finally, Camelot Portfolios LLC acquired a new position in FedEx during the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 84.47% of the company's stock.

Insider Activity

In other FedEx news, EVP Tracy B. Brightman sold 16,959 shares of the firm's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total value of $6,164,087.73. Following the completion of the transaction, the executive vice president directly owned 11,052 shares of the company's stock, valued at $4,017,070.44. This trade represents a 60.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan C. Schwab sold 5,795 shares of the firm's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,104 shares of company stock valued at $17,599,006 in the last quarter. 0.53% of the stock is currently owned by company insiders.

FedEx Stock Down 0.2%

FedEx stock opened at $337.65 on Monday. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $342.81. The firm has a market capitalization of $80.57 billion, a price-to-earnings ratio of 17.97, a P/E/G ratio of 1.54 and a beta of 1.28. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.77. The firm has a 50 day simple moving average of $371.84 and a 200 day simple moving average of $343.17.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, beating analysts' consensus estimates of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The business had revenue of $24 billion during the quarter, compared to analyst estimates of $23.44 billion. During the same period in the previous year, the business earned $4.51 EPS. FedEx's revenue was up 8.3% compared to the same quarter last year. On average, analysts predict that FedEx Corporation will post 19.78 earnings per share for the current year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd will be issued a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, June 22nd. FedEx's dividend payout ratio (DPR) is presently 30.87%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. BNP Paribas Exane lowered their price target on shares of FedEx from $335.00 to $269.76 and set a "neutral" rating for the company in a report on Tuesday, June 2nd. HSBC cut their price target on shares of FedEx from $360.00 to $289.89 and set a "hold" rating on the stock in a research report on Monday, June 1st. JPMorgan Chase & Co. raised shares of FedEx from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $432.00 to $460.00 in a research report on Wednesday, May 27th. UBS Group began coverage on shares of FedEx in a report on Wednesday, May 27th. They issued a "buy" rating and a $445.00 target price on the stock. Finally, Wall Street Zen raised FedEx from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 6th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, FedEx presently has an average rating of "Moderate Buy" and an average target price of $371.45.

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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