Olstein Capital Management L.P. Buys 3,000 Shares of FedEx Co. (NYSE:FDX)

Olstein Capital Management L.P. increased its stake in shares of FedEx Co. (NYSE:FDX - Free Report) by 10.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 31,000 shares of the shipping service provider's stock after purchasing an additional 3,000 shares during the period. FedEx makes up approximately 1.4% of Olstein Capital Management L.P.'s investment portfolio, making the stock its 28th largest position. Olstein Capital Management L.P.'s holdings in FedEx were worth $7,557,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Regal Investment Advisors LLC lifted its position in shares of FedEx by 2.4% during the 4th quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider's stock worth $451,000 after purchasing an additional 38 shares during the last quarter. Aviso Financial Inc. increased its stake in FedEx by 1.2% in the fourth quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider's stock valued at $957,000 after purchasing an additional 40 shares during the period. Garner Asset Management Corp increased its stake in FedEx by 0.7% in the fourth quarter. Garner Asset Management Corp now owns 5,897 shares of the shipping service provider's stock valued at $1,659,000 after purchasing an additional 41 shares during the period. WealthPlan Investment Management LLC increased its stake in FedEx by 2.6% in the fourth quarter. WealthPlan Investment Management LLC now owns 1,680 shares of the shipping service provider's stock valued at $473,000 after purchasing an additional 42 shares during the period. Finally, Hemington Wealth Management increased its position in FedEx by 27.4% during the 4th quarter. Hemington Wealth Management now owns 209 shares of the shipping service provider's stock worth $58,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

Insider Activity

In related news, COO John Alan Smith sold 6,155 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the sale, the chief operating officer now owns 23,347 shares of the company's stock, valued at $5,686,161.85. The trade was a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FDX. Wall Street Zen cut FedEx from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Stifel Nicolaus reduced their price target on FedEx from $364.00 to $354.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. JPMorgan Chase & Co. reduced their price target on FedEx from $323.00 to $280.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft started coverage on FedEx in a research report on Friday, March 7th. They issued a "buy" rating and a $337.00 target price on the stock. Finally, BMO Capital Markets lowered their price target on FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $295.33.

FedEx Trading Down 1.7%

NYSE FDX traded down $3.90 on Wednesday, hitting $224.06. 1,926,454 shares of the stock were exchanged, compared to its average volume of 1,846,952. FedEx Co. has a 52-week low of $194.30 and a 52-week high of $313.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market capitalization of $53.68 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 1.11 and a beta of 1.35. The company's 50-day moving average price is $215.89 and its two-hundred day moving average price is $248.47.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company had revenue of $22.16 billion for the quarter, compared to analysts' expectations of $21.96 billion. During the same quarter in the prior year, the firm earned $3.86 earnings per share. The company's revenue was up 1.9% on a year-over-year basis. Research analysts predict that FedEx Co. will post 19.14 EPS for the current year.

FedEx Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd will be given a dividend of $1.45 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.59%. This is a positive change from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio is currently 34.63%.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.