Engineers Gate Manager LP Lowers Stock Holdings in FedEx Corporation $FDX

Key Points

• Engineers Gate Manager LP cut its FedEx stake by 57.5% in the second quarter, selling 76,369 shares and retaining 56,516 shares valued at approximately $17.7 million.
• FedEx shares opened at $309.82, down 1.4%, while analysts maintain a “Moderate Buy” consensus with an average price target of $355.17.
• FedEx declared a quarterly dividend of $1.22 per share, equivalent to $4.88 annually and a 1.6% yield; the company reported quarterly earnings of $5.88 per share on $23.26 billion in revenue.

Engineers Gate Manager LP lessened its stake in FedEx Corporation (NYSE:FDX - Free Report) by 57.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,516 shares of the shipping service provider's stock after selling 76,369 shares during the period. Engineers Gate Manager LP's holdings in FedEx were worth $17,697,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Hollencrest Capital Management purchased a new stake in shares of FedEx during the first quarter worth approximately $25,000. Bayban acquired a new position in FedEx in the 1st quarter valued at $26,000. Solstein Capital LLC purchased a new position in FedEx during the 2nd quarter worth $27,000. Cedar Mountain Advisors LLC lifted its stake in shares of FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock worth $33,000 after acquiring an additional 41 shares during the period. Finally, EFG International AG acquired a new stake in shares of FedEx in the 4th quarter worth $27,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: Evercore ISI raised its FedEx price target to $350 from $323 while maintaining an “In Line” rating, indicating improved valuation support even though the firm remains cautious. Evercore ISI Adjusts Price Target on FedEx
• Positive Sentiment: J.P. Morgan reiterated a positive view on FDX, retaining an “overweight” or “buy” rating and setting a $400 price target. The bullish stance suggests the bank sees meaningful upside from FedEx’s transformation and operational improvements. J.P. Morgan Remains a Buy on FedEx
• Neutral Sentiment: FedEx launched Global Trade Navigator, a suite of tools designed to help businesses manage customs requirements, duties, taxes and shipping-data errors. Features include a free Trade Planner, Shopify tools that display import costs before checkout, and APIs for customs information. The initiative could improve international shipping demand and customer retention, but its financial impact is not yet quantified. FedEx Introduces Global Trade Navigator
• Negative Sentiment: J.P. Morgan recently reduced its FedEx price target from $460 to $400, despite keeping an overweight rating. The cut signals more conservative expectations for earnings or valuation and may be contributing to selling pressure. FedEx Receives a Buy Rating from JP Morgan

FedEx Stock Down 1.4%

FDX opened at $309.82 on Thursday. 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 firm has a market cap of $73.33 billion, a P/E ratio of 16.74, a PEG ratio of 1.67 and a beta of 1.32. FedEx Corporation has a 52 week low of $177.86 and a 52 week high of $345.36. The business's fifty day simple moving average is $319.23 and its 200 day simple moving average is $347.55.

FedEx (NYSE:FDX - Get Free Report) last announced its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, equities research analysts anticipate that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, September 14th. FedEx's payout ratio is currently 26.36%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FDX. Raymond James Financial set a $330.00 price target on shares of FedEx in a research note on Friday, August 28th. Bank of America raised their price objective on shares of FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Evercore set a $350.00 price objective on FedEx in a report on Wednesday. Wells Fargo & Company dropped their target price on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 17th. Finally, Stephens raised FedEx to a "strong-buy" rating in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $355.17.

Insider Buying and Selling at FedEx

In related news, Director Paul Walsh sold 5,042 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.65% of the stock is currently owned by corporate insiders.

About FedEx

FedEx Corporation NYSE: FDX is a global transportation, e-commerce and business services company. Through its operating companies, FedEx provides package delivery, freight transportation, logistics, supply chain management and related services for businesses, governments and consumers.

The company's offerings include time-definite express shipping, ground delivery, less-than-truckload freight transportation, customs and international trade support, warehousing, fulfillment and other logistics solutions.

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