Clarkston Capital Partners LLC Cuts Stock Position in FedEx Corporation $FDX

Key Points

• Clarkston Capital Partners cut its FedEx stake by 90.3% in the first quarter, leaving it with 27,005 shares valued at about $9.62 million.
• FedEx reported Q2 EPS of $5.88 on revenue of $22.19 billion, while analysts expect the company to earn 17.6 EPS for the full year.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $350.54, though some firms recently lowered targets.

Clarkston Capital Partners LLC trimmed its position in FedEx Corporation (NYSE:FDX - Free Report) by 90.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,005 shares of the shipping service provider's stock after selling 251,768 shares during the period. Clarkston Capital Partners LLC's holdings in FedEx were worth $9,619,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Sivia Capital Partners LLC acquired a new position in FedEx during the second quarter worth $586,000. CWM LLC lifted its holdings in shares of FedEx by 32.2% in the fourth quarter. CWM LLC now owns 108,031 shares of the shipping service provider's stock valued at $31,206,000 after purchasing an additional 26,322 shares in the last quarter. Canada Post Corp Registered Pension Plan grew its position in shares of FedEx by 85.9% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider's stock valued at $1,962,000 after purchasing an additional 3,138 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of FedEx by 19.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider's stock valued at $12,081,000 after purchasing an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board purchased a new position in shares of FedEx during the 4th quarter worth approximately $2,122,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

FDX opened at $315.93 on Friday. The company's 50 day simple moving average is $337.21 and its 200 day simple moving average is $350.30. 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 Corporation has a 1 year low of $172.88 and a 1 year high of $345.36. The stock has a market capitalization of $74.74 billion, a PE ratio of 17.07, a P/E/G ratio of 1.65 and a beta of 1.29.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The firm had revenue of $22.19 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 year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx's payout ratio is 26.36%.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company'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 directly owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FDX shares. Citizens Jmp initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $375.00 target price on the stock. TD Cowen dropped their price objective on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Stephens upgraded shares of FedEx to a "strong-buy" rating in a report on Wednesday, July 8th. Seaport Research Partners initiated coverage on shares of FedEx in a research note on Wednesday, May 27th. They set a "buy" rating on the stock. Finally, Wells Fargo & Company lowered their target price on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating for the company in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.

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